Metaplanet raises $255 million to accelerate bitcoin accumulation

Japanese bitcoin treasury firm Metaplanet (3350) said it raised about 40.8 billion yen ($255 million) from global institutional investors through a placement of new shares, part of a financing structure that could provide up to $531 million in total capital to support its bitcoin accumulation strategy.

The Tokyo-listed company priced the new shares at a 2% premium to the market price. The placement was paired with fixed-strike warrants carrying a 10% premium, which could generate an additional 44.5 billion yen if exercised.

The company also introduced a new series of moving strike warrants with what it described as the first mNAV (multiple to net asset value) clause attached to stock acquisition rights.

The mechanism allows the warrants to be exercised only when the company’s shares trade at least 1.01 times its modified net asset value, a metric comparing the firm’s market capitalization with the value of its bitcoin holdings. Metaplanet said the structure ensures any new share issuance increases bitcoin holdings per share.

To manage dilution, the company also suspended the exercise of previously issued warrants representing up to 210 million shares, prioritizing the new structure instead.

Metaplanet plans to use the funds primarily to expand its bitcoin reserves as it pushes toward its long-term goal of holding 210,000 BTC.

Metaplanet closed 5% higher on Monday as bitcoin climbed above $73,000. The firm is the world's fourth-largest corporate bitcoin treasury company, holding 35,102 BTC.