Japan’s most aggressive Bitcoin treasury company just got more aggressive.
Metaplanet CEO Simon Gerovich announced that the Tokyo-listed firm has raised approximately $255 million from global institutional investors through a placement of new shares priced at a 2% premium, paired with fixed-strike warrants at a 10% premium. If those warrants are fully exercised, that unlocks up to $276 million in additional capital, bringing total firepower to roughly $531 million, all directed toward its march to 210,000 BTC.
The numbers are significant. The structure is what makes this different.
Alongside the raise, Metaplanet has issued 100 million Moving Strike Warrants with what Gerovich calls a first-of-its-kind mNAV clause. Exercise is only permitted when the stock trades above 1.01x mNAV.
mNAV, or market-to-net-asset-value, measures a company’s stock price relative to the value of its Bitcoin holdings. By requiring the stock to trade above that threshold before any warrants can be exercised, Metaplanet has mathematically ensured that every share issued increases Bitcoin per share, not dilutes it.
Gerovich put it plainly: the structure “enables the company to raise an estimated $234M in additional capital to buy BTC, unlocked only when it’s accretive to BTC per share.”
Dylan LeClair, Metaplanet’s head of Bitcoin strategy, reposted the announcement. Notably, Metaplanet’s mNAV sits at 1.21x today, meaning the warrants are already in exercisable territory.
Metaplanet currently holds 35,102 BTC, acquired at an average cost of $107,607 per coin. With Bitcoin trading at $73,177 today, those holdings sit underwater. The 210,000 BTC target remains a long way off.
Strategy, the benchmark for every corporate Bitcoin treasury, holds 738,731 BTC but trades at a discount to its Bitcoin holdings, meaning equity issuance there dilutes shareholders. Metaplanet’s premium mNAV flips that dynamic entirely, and this new warrant structure is designed to protect that premium.
The raise signals continued institutional appetite for corporate Bitcoin accumulation strategies.
Metaplanet is building a corporate Bitcoin reserve, aiming to accumulate 210,000 BTC as a long-term treasury asset to strengthen shareholder value.
Metaplanet currently holds 35,102 BTC, purchased at an average price of about $107,607 per coin, as part of its plan to build a massive Bitcoin treasury.
Metaplanet is often compared with Strategy because both companies focus on corporate Bitcoin reserves, though Strategy still holds far more Bitcoin overall.
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