Tokyo-listed bitcoin treasury specialist Metaplanet (3350) has landed a major capital injection to turbocharge its BTC accumulation plan, raising about ¥40.8 billion (roughly $255 million) from global institutional investors via a share placement. The deal is part of a broader financing package that could supply the company with up to ¥85 billion (about $531 million) to beef up its bitcoin reserves.
Key terms and the structure
- New shares were sold at a roughly 2% premium to the market price.
- The placement was paired with fixed-strike warrants priced at a 10% premium; if exercised these warrants could bring in an additional ¥44.5 billion (about $278 million).
- Metaplanet also rolled out a novel series of moving-strike warrants that include what it calls the first mNAV (multiple to net asset value) clause tied to stock acquisition rights. Those warrants can only be exercised when the company’s shares trade at least 1.01× its modified net asset value—a measure linking market capitalization to the value of the firm’s BTC holdings. Metaplanet says this mechanism is designed to ensure any new share issuance increases bitcoin holdings per share, guarding against dilution of BTC exposure for existing shareholders.
Dilution management and priorities
To limit dilution from older instruments, the company temporarily suspended exercise rights on previously issued warrants covering up to 210 million shares, prioritizing the new financing structure instead.
Why it matters
Metaplanet plans to deploy the funds mainly to expand its bitcoin treasury as it pursues an ambitious long-term target of holding 210,000 BTC. Today it ranks as the world’s fourth-largest corporate bitcoin treasury, with 35,102 BTC on its balance sheet.
Market reaction
Shares closed about 5% higher on Monday, alongside bitcoin rising above $73,000—an upbeat signal for investors betting on the firm’s strategy to accumulate more BTC.
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