Metaplanet Lines Up $531 Million in New Capital for Its 210,000 Bitcoin Target
Metaplanet, Japan’s largest corporate Bitcoin treasury, said Monday it raised approximately $255 million from global institutional investors through a placement of 107.4 million new shares priced at 380 yen ($2.39) each, a 2% premium to market.
The deal is paired with fixed-strike warrants exercisable at 410 yen ($2.57) per share that could generate an additional $276 million if exercised before their March 2028 expiry. Combined, the structure provides access to up to $531 million in what CEO Simon Gerovich, writing on X, called “additional firepower” for its 210,000 BTC accumulation plan.
The board-approved financing notice sets out how proceeds will be deployed. Up to $357 million is earmarked for Bitcoin purchases between April 2026 and March 2028. A further $132 million will repay borrowings under the company’s $500 million credit facility, a secured lending arrangement collateralised by Bitcoin holdings, which had approximately $280 million drawn as of March 11.
The remaining $39.5 million goes to Metaplanet’s Bitcoin income generation business as margin collateral for options underwriting. The company also suspended older warrants representing up to 210 million shares to limit dilution.
A New Warrant Structure With an mNAV Clause
Alongside the equity raise, Metaplanet’s board approved a revised capital allocation policy and the issuance of 100 million moving strike warrants with what Gerovich described as a first-of-its-kind mNAV clause. mNAV (market-to-net-asset-value measures a company’s stock price relative to its Bitcoin holdings.)
Exercise is only permitted when the stock trades above 1.01 times mNAV, ensuring each new share issued increases Bitcoin per share rather than diluting it. Metaplanet’s mNAV stood at 1.21 on Monday, meaning the stock was at a 21% premium to underlying Bitcoin value. Those warrants could raise an estimated additional $234 million if conditions are met.
Where the Company Stands
Metaplanet held 35,102 BTC as of December 31, 2025, accumulated at a combined cost of approximately $3.78 billion, or an average of $107,606 per coin. The company held just 1,762 BTC at the start of that year, making last year’s build-out one of the fastest corporate Bitcoin treasury accumulations on record.
At current prices around $73,000, the holdings are worth roughly $2.6 billion, implying an unrealised loss of approximately $1.2 billion against cost. The company is the world’s fourth-largest corporate Bitcoin treasury, behind Strategy, which holds 761,068 BTC acquired for $57.61 billion and announced a further 22,337 BTC purchase last week.
The borrowing ratio, the share of the credit facility drawn relative to the mark-to-market net asset value of Bitcoin holdings, had risen to approximately 11% as of March 11, up from 9% previously, which the company cited as partial rationale for allocating a portion of proceeds to debt repayment rather than deploying the full raise into more Bitcoin.
Shares of Metaplanet (Tokyo: 3350) rose 4.83% to 391 yen on Monday. US OTC shares (MTPLF) had closed up around 6% on Friday at $2.33 ahead of the announcement.
