Key Highlights
- Global institutional investors committed 40.8 billion yen (~$255 million) through a share placement priced at a 2% premium to current market rates.
- Additional warrants featuring a 10% premium strike price could generate another 44.5 billion yen, pushing total potential capital to approximately $531 million.
- A newly designed mNAV-linked warrant structure guarantees that fresh share issuance occurs exclusively when bitcoin holdings per share increase.
- Previously issued warrants representing up to 210 million shares have been suspended to prevent shareholder dilution.
- The firm aims to accumulate 100,000 BTC by December 2026 and reach 210,000 BTC by December 2027, with current holdings at 35,102 BTC.
Metaplanet (3350) secured roughly $255 million from institutional investors worldwide via a fresh share placement, advancing its strategy to expand its bitcoin treasury holdings.
The Tokyo exchange-listed company set pricing for newly issued shares at a 2% premium above current market rates. Accompanying the placement, fixed-strike warrants with a 10% premium could generate an additional 44.5 billion yen upon exercise.
When combined, the complete potential capital raise approaches $531 million, CEO Simon Gerovich confirmed.
The company’s current bitcoin position stands at 35,102 BTC, representing approximately $2.6 billion in value at present market rates. This positions Metaplanet as the fourth-largest corporate bitcoin holder globally, trailing Strategy and MARA Holdings, which collectively maintain 792,553 Bitcoin.
Metaplanet shares gained 5% at Monday’s close, coinciding with bitcoin’s return above the $73,000 threshold.
Modified Net Asset Value Clause Governs Warrant Exercise
Metaplanet unveiled a new moving strike warrant series incorporating an mNAV clause — representing the first implementation of this feature in stock acquisition rights of this category.
The structure permits warrant exercise exclusively when the company’s shares trade at or exceed 1.01 times its modified net asset value. This benchmark compares Metaplanet’s total market capitalization against the value of its bitcoin position.
According to the company, this framework guarantees that any additional share creation will expand bitcoin holdings per share, protecting existing shareholders from dilution.
Supporting this new framework, Metaplanet halted exercise rights on earlier warrant issuances covering as many as 210 million shares. This action aims to minimize dilution while maintaining focus on bitcoin acquisition.
Ambitious Bitcoin Accumulation Roadmap Through 2027
Proceeds from the capital raise will primarily fund expansion of Metaplanet’s bitcoin reserves.
The company established a milestone of reaching 100,000 BTC by December 2026, extending to a longer-range objective of 210,000 BTC by December 2027.
Supporting these ambitions, Metaplanet plans to launch a US-based subsidiary named Metaplanet Asset Management. This division will concentrate on venture capital investments and digital asset financial services connected to bitcoin capital markets.
Separately, Strategy — holding the largest corporate bitcoin position — appears poised to reveal a fresh bitcoin acquisition, following signals from Executive Chairman Michael Saylor and the completion of last week’s preferred share offering.
Metaplanet’s current treasury contains 35,102 BTC with an approximate value of $2.6 billion.
