Metaplanet raises $255 million to accelerate bitcoin accumulation

Tokyo-listed bitcoin treasury firm Metaplanet (3350) said it raised about 40.8 billion yen ($255 million) from global institutional investors through a placement of new shares to support its bitcoin accumulation strategy. The company priced the new shares at a 2% premium and paired the placement with fixed-strike warrants carrying a 10% premium, which could generate an additional 44.5 billion yen if exercised.

Metaplanet also introduced moving strike warrants with a novel mNAV clause allowing exercise only when shares trade at least 1.01 times a modified net asset value, a measure comparing market capitalization with the value of its bitcoin holdings. To limit dilution, it suspended exercise of previously issued warrants representing up to 210 million shares and prioritized the new structure.

Proceeds will be used primarily to expand bitcoin reserves as the firm pursues a long-term goal of holding 210,000 BTC.

Japan, Tokyo

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