Japanese Bitcoin treasury company Metaplanet (3350) said it has raised approximately 40.8 billion yen ($255 million) from global institutional investors through the placement of new shares, under 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 associated with fixed-rate exercise warrants carrying a 10% premium, which could generate an additional 44.5 billion yen if exercised.
The company also introduced a new series of moving strike warrants with what it described as the first mNAV (multiple to net asset value) clause attached to the share acquisition rights.
The mechanism allows warrants to be exercised only when the company’s shares trade at at least 1.01 times their modified net asset value, a measure comparing the company’s market capitalization to the value of its bitcoin holdings. Metaplanet said the structure ensures that any new stock 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, instead prioritizing the new structure.
Metaplanet plans to use the funds primarily to increase its bitcoin reserves as it pursues its long-term goal of holding 210,000 BTC.
Metaplanet closed up 5% on Monday as bitcoin climbed above $73,000. The company is the fourth largest Bitcoin treasury company in the world, holding 35,102 BTC.
