worldcoinindex.com
Tokyo-listed investment company Metaplanet has raised roughly $255 million from institutional investors to fuel its expanding Bitcoin treasury strategy, with additional warrant provisions that could boost total financing to around $531 million.
The capital was secured through a private placement of new shares priced at 380 yen ($2.39) per share, slightly above the company’s current market price. Alongside the share issuance, the financing includes fixed-strike warrants exercisable at 410 yen ($2.57) per share. These warrants carry a 10% premium to the placement price and remain valid until March 2028, potentially generating an extra $276 million if fully exercised, according to CEO Simon Gerovich.
Expanding a Massive Bitcoin Treasury
The new funding forms part of Metaplanet’s broader push to deepen its exposure to Bitcoin. The company plans to allocate up to 56.9 billion yen (about $357 million) toward additional $BTC purchases between April 2026 and March 2028.
Metaplanet already holds 35,102 $BTC, worth roughly $2.6 billion at recent market prices. That places the firm among the world’s largest corporate holders of Bitcoin, though still behind leaders such as Strategy and MARA Holdings.
Management has outlined ambitious expansion targets. The firm aims to reach 100,000 $BTC by the end of 2026 and 210,000 $BTC by the end of 2027, positioning Bitcoin as the foundation of its balance sheet and long-term capital strategy.
Innovative Warrant Structure
Beyond the initial share placement, Metaplanet’s board approved the issuance of 100 million “MS Warrants.” These instruments are tied to the company’s modified net asset value (mNAV)—a metric that compares the firm’s market capitalization to the value of its Bitcoin holdings.
Under the design, the warrants can only be exercised when the company’s stock trades above a predefined multiple of that mNAV metric. The structure is intended to ensure that any new equity issuance boosts Bitcoin holdings on a per-share basis rather than diluting existing investors.
At the same time, Metaplanet suspended the exercise of older warrants covering up to 210 million shares, aiming to reduce potential dilution while prioritizing the new $BTC-focused financing structure.
Debt Reduction and Income Strategies
Not all of the fresh capital will be directed toward purchasing Bitcoin. Company disclosures indicate that 21.1 billion yen ($132 million) will go toward repaying borrowings tied to its credit facility.
Another 6.3 billion yen ($39.5 million) will support Metaplanet’s Bitcoin income generation operations, including providing margin collateral for options underwriting strategies designed to produce yield on its $BTC holdings.
The firm currently operates a $500 million credit facility backed by Bitcoin collateral, with roughly $280 million drawn as of March 11. Management has stated it intends to keep borrowings below 10% of the net asset value of its Bitcoin holdings to maintain financial flexibility.
Expanding Beyond Bitcoin Holdings
Investor enthusiasm around the strategy appears strong. Shares of Metaplanet rose nearly 5% on Monday as Bitcoin climbed above $73,000, reflecting growing market interest in companies using $BTC as a treasury asset.
Over the past year, Metaplanet has dramatically expanded its crypto reserves, growing from fewer than 2,000 $BTC at the start of 2025 to more than 35,000 $BTC today.
The company is also branching out into new crypto-related initiatives. Recently it revealed plans to launch two subsidiaries—Metaplanet Ventures and Metaplanet Asset Management—and disclosed a planned investment in JPYC Inc., a Japanese stablecoin issuer.
Metaplanet Ventures will deploy around ¥4 billion ($25 million) to support startups building Bitcoin financial infrastructure in Japan, including projects focused on lending, payments, custody, derivatives, and compliance solutions.