Tokyo-listed bitcoin treasury firm Metaplanet (3350) has secured fresh capital to turbocharge its BTC accumulation plan, raising about 40.8 billion yen (roughly $255 million) from global institutional investors via a placement of new shares. The financing package could expand to as much as 85.3 billion yen (about $531 million) if associated warrants are exercised.
Key elements of the deal:
- New shares were priced at a 2% premium to the market.
- The placement was paired with fixed-strike warrants set at a 10% premium; if exercised, those warrants could inject an additional 44.5 billion yen.
- Metaplanet also introduced a new series of moving-strike warrants featuring what it calls the first-ever mNAV (multiple to net asset value) clause attached to stock acquisition rights. These warrants can only be exercised if the company’s shares trade at least 1.01× its modified net asset value — a metric that compares Metaplanet’s market cap with the value of its bitcoin holdings.
The company says the mNAV mechanism and warrant structure are designed to prevent dilution of bitcoin exposure per share: any new share issuance under this program will increase bitcoin holdings on a per-share basis. To further manage dilution, Metaplanet has suspended the exercise of previously issued warrants representing up to 210 million shares, putting the new financing structure first.
Metaplanet will deploy the proceeds primarily to expand its bitcoin reserves as it pushes toward an ambitious long-term target of holding 210,000 BTC. Currently, the firm holds 35,102 BTC, making it the world’s fourth-largest corporate bitcoin treasury.
Market reaction was positive: Metaplanet shares closed about 5% higher on Monday, as bitcoin climbed above $73,000. The deal underscores a growing trend of corporates and institutional vehicles using equity-and-warrant packages to scale crypto treasuries while attempting to align shareholder incentives and limit dilution.
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