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Tokyo-based Metaplanet (3350) said it has secured around $255 million from international institutional backers through a fresh share issuance, extending its aggressive bitcoin accumulation strategy. The company priced the newly issued shares at a 2% premium to prevailing market rates.
Alongside the placement, Metaplanet issued fixed-strike warrants with a 10% premium. The company said the warrants could generate up to 44.5 billion yen upon exercise. Combined, the capital raise could total approximately $531 million, CEO Simon Gerovich confirmed.
Metaplanet currently holds 35,102 BTC, valued at roughly $2.6 billion based on today’s bitcoin valuations. The company is described as the world’s fourth-largest corporate bitcoin holder, behind Strategy and MARA Holdings, which together control 792,553 BTC. Metaplanet shares rose 5% on Monday, coinciding with bitcoin’s recovery above the $73,000 level.
Metaplanet introduced a new warrant series it describes as an mNAV provision. Under the framework, warrants can be exercised only when Metaplanet’s shares trade at a minimum of 1.01 times the company’s modified net asset value (mNAV).
The mNAV benchmark is calculated by comparing Metaplanet’s total market capitalization with the value of its bitcoin treasury. The company said the safeguard is intended to ensure that future equity issuance supports per-share bitcoin ownership rather than diluting stakeholder value.
Metaplanet also said it has halted exercise privileges on earlier warrant issuances covering as many as 210 million shares, aiming to limit dilution while keeping its focus on bitcoin acquisition.
Metaplanet said the newly raised funds will primarily be used to expand its bitcoin treasury. Management set an intermediate target of 100,000 BTC by the end of 2026, with a longer-term goal of reaching 210,000 BTC by year-end 2027.
The company also plans to launch a United States subsidiary, Metaplanet Asset Management. This unit will focus on venture capital opportunities and digital asset financial services within bitcoin-focused capital markets.
Separately, Strategy—currently the leading corporate bitcoin accumulator—was expected to disclose additional bitcoin purchases following recent comments from Executive Chairman Michael Saylor and after last week’s preferred equity offering.
Metaplanet’s current bitcoin position remains 35,102 BTC, representing approximately $2.6 billion in market value.
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