Metaplanet Accelerates Bitcoin Treasury Strategy with 40.8 Billion Yen New Fundraising

Japan’s major Bitcoin investment company, MetaPlanet, has completed a large-scale funding round of $255 million (approximately 40.8 billion yen). The company has significantly revamped its previous warrant structure, establishing a new framework that balances shareholder protection with ongoing Bitcoin purchases. Currently, MetaPlanet is the fourth-largest Bitcoin treasury company in the world, holding 35,102 BTC and pushing toward an ambitious goal of 210,000 BTC.

Two-Layer Warrant Structure to Minimize Dilution

This funding was achieved through a layered warrant design. The issuance of new shares is set at a 2% premium to the market price and is combined with fixed strike warrants with a 10% premium on the exercise price. Exercising these fixed warrants is expected to generate an additional 44.5 billion yen in funding.

From a dilution management perspective, MetaPlanet has temporarily suspended the exercise of existing warrants equivalent to up to 210 million shares and is prioritizing the new structure. This measure prevents excessive infringement on existing shareholders’ rights while securing new capital.

Innovation in Investor Protection with mNAV Clauses

The most notable feature introduced by MetaPlanet is the new type of moving strike warrant with an mNAV (Modified Net Asset Value) clause. In this innovative structure, warrant exercise is only permitted when the company’s stock price trades at at least 1.01 times its modified net asset value.

Modified net asset value compares the company’s market capitalization with the total value of its Bitcoin holdings. This mechanism ensures that any issuance of new shares will systematically increase the amount of Bitcoin held per share. Through this system, the company aims to balance expanding its operational scale with enhancing shareholder value.

Strategic Investment in Bitcoin Accumulation

MetaPlanet has set the primary purpose of this fundraising as expanding its Bitcoin reserve. The company plans to systematically and continuously invest toward its long-term goal of holding 210,000 BTC.

With Bitcoin prices currently around $70,000, MetaPlanet’s strategy reflects a consistent stance as a Bitcoin treasury company. The recent rise in its stock price suggests that investors are valuing this transparent capital allocation plan and the company’s long-term commitment to the Bitcoin market.