sandmark.com
Tokyo listed Metaplanet is following in the footsteps of its larger peer Strategy, raising $531mn from various equity offering types. The firm stated that it needs to diversify fundraising methods to reach its target of accumulating 210,000 bitcoin by the end of 2027.
As of end 2025, Metaplanet’s treasury held 35,102 bitcoin, valued at nearly $2.6bn. This approach appears to mirror that of Strategy, the largest private holder of Bitcoin, which began building its treasury through secondary raises and bond sales.
In 2024, Strategy expanded its methods to include five different types of preferred shares in addition to common stock and corporate bonds. Metaplanet’s latest raise involves the sale of company shares and special warrants. Warrants give the holder the right to buy an asset at a predetermined price before a certain date, but are issued directly by the firm rather than other shareholders. These instruments are designed to support long-term growth targets while managing shareholder dilution.
Warrants and stock performance
Metaplanet sold 100mn warrants that are directly tied to its stock performance, according to a statement on X by CEO Simon Gerovich. These warrants can be used to buy company shares only when the market cap of Metaplanet exceeds the total value of its Bitcoin treasury. This conditional exercise mechanism ensures that the warrants are only used when the company is trading at a premium to its underlying assets.
The move reflects a growing trend of corporate Bitcoin holders using complex financial instruments to maximize their balance sheet potential in a volatile market. According to the official company filing, this strategy is intended to align shareholder interests with the company's aggressive accumulation goals. As institutional interest in Bitcoin-backed equities grows, Metaplanet’s use of warrants may serve as a template for other firms looking to use their treasury as a capital formation engine.