Metaplanet Raises $255 Million to Buy More Bitcoin
Metaplanet said its board approved a third-party allotment of new shares and 26th stock acquisition rights, alongside purchase agreements, to support its Bitcoin treasury target of 210,000 BTC while using an mNAV-linked structure to limit dilution.
Metaplanet said its board approved a third-party allotment of new shares and 26th stock acquisition rights, as well as related purchase agreements, as part of its financing plan to expand Bitcoin holdings. The company previously said it raised 40.8 billion yen, about $255 million, through a share placement and could secure an additional 44.5 billion yen through fixed-strike warrants if exercised, for total potential capital of about $531 million. Metaplanet said the structure includes what it described as a first-of-its-kind mNAV provision designed to protect shareholder value by linking warrant exercise conditions to modified net asset value. The company said the proceeds are intended primarily for its Bitcoin strategy as it targets 210,000 BTC and currently holds 35,102 BTC.
- BTC: The ticker symbol for Bitcoin, the cryptocurrency Metaplanet is accumulating as a treasury reserve asset.
- stock acquisition rights: A Japanese corporate financing instrument similar to warrants that gives holders the right to acquire newly issued shares under specified terms.
- mNAV: Multiple to net asset value, a metric comparing a company’s market value with the value of its underlying assets; here it is used as a condition for warrant exercise.