Japanese bitcoin treasury firm Metaplanet (3350) said it raised about 40.8 billion yen ($255 million) from global institutional investors through the placement of new shares, part of a financing structure that could provide up to $531 million in total capital to support its bitcoin accumulation strategy.
The Tokyo-listed company priced the new shares at a 2% premium to the market price. The placement was combined with fixed-exercise warrants at a 10% premium, which could generate an additional 44.5 billion yen if exercised.
The company also introduced a new series of rolling strike guarantees with what it described as the first mNAV (multiple net asset value) clause attached to share acquisition rights.
The mechanism allows warrants to be exercised only when the company’s shares trade at least 1.01 times their modified net asset value, a metric that compares the company’s market capitalization to the value of its bitcoin holdings. Metaplanet said the structure ensures that any new share issuance increases bitcoin holdings per share.
To manage dilution, the company also suspended the exercise of previously issued warrants representing up to 210 million shares, prioritizing the new structure.
Metaplanet plans to use the funds primarily to expand its bitcoin reserves as it moves toward its long-term goal of holding 210,000 BTC.
Metaplanet closed 5% higher on Monday as bitcoin surpassed $73,000. The company is the fourth largest corporate bitcoin treasury company in the world and holds 35,102 BTC.
