Metaplanet said Monday it raised $255 million in a private placement and launched a warrant structure intended to fund further Bitcoin purchases.
The company sold new shares to institutional investors in a private placement that priced the shares at a 2% premium and included fixed-strike warrants at a 10% premium. CEO Simon Gerovich said the warrants, if exercised, could provide up to $276 million in additional capital to support Metaplanet’s target of accumulating 210,000 Bitcoin (BTC).
Separately, Metaplanet issued 100 million Moving Strike Warrants featuring a Market Net Asset Value (mNAV) clause that makes them exercisable only if the stock trades above 1.01x mNAV. That offering could raise about $234 million to further the company’s BTC accumulation strategy. According to Gerovich, the mNAV condition is designed to ensure newly issued shares are accretive to existing shareholders.
Metaplanet reported an mNAV of 1.11x on Monday. The company held 35,102 BTC (about $2.5 billion) and its share price was $2.45, per Metaplanet’s dashboard. The mNAV ratio compares a company’s enterprise value to the value of its crypto holdings; an mNAV below 1 makes it harder to raise capital via share issuance without diluting existing holders.
The new capital-raising mechanism is similar to programs used by MicroStrategy, the largest corporate Bitcoin holder, which employs At-The-Market (ATM) offerings and issues shares only when mNAV is favorable to avoid dilution. In October 2024, MicroStrategy disclosed plans to raise up to $21 billion in equity and $21 billion in fixed-income securities over three years.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy: https://cointelegraph.com/editorial-policy
