Metaplanet said 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 at a roughly 2% premium and included fixed-strike warrants priced at a 10% premium. CEO Simon Gerovich said those fixed-strike warrants, if exercised, could generate as much as $276 million in additional capital to support Metaplanet’s goal of accumulating 210,000 Bitcoin (BTC).
In a separate move, Metaplanet issued 100 million Moving Strike Warrants (MSWs) that include a Market Net Asset Value (mNAV) clause. The MSWs are exercisable only if the stock trades above 1.01x mNAV, a condition the company says ensures any newly issued shares are accretive to existing holders. That MSW program could raise roughly $234 million to further the company’s BTC accumulation strategy.
Metaplanet reported an mNAV of 1.11x on Monday. According to the company dashboard, Metaplanet holds 35,102 BTC (about $2.5 billion) and its shares were trading at $2.45. The mNAV ratio compares a company’s enterprise value to the value of its crypto holdings; when mNAV is below 1, raising capital via share issuance is more likely to dilute existing shareholders, so issuers typically seek favorable mNAV levels before selling equity.
The approach mirrors tactics used by other large corporate Bitcoin holders. MicroStrategy, the largest corporate BTC holder, has used At-The-Market (ATM) offerings and similar conditional issuance practices 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.
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