Metaplanet Raises $255 Million with Innovative mNAV Warrants to Boost Bitcoin Holdings

Metaplanet, the Tokyo listed Bitcoin investment firm, announced a $255 million capital raise through new share placements priced at a 2% premium, combined with fixed-strike warrants at a 10% premium. If fully exercised, these warrants could unlock an additional $276 million, bringing the company’s total potential capital to approximately $531 million. The funds are earmarked to accelerate Metaplanet’s target of acquiring 210,000 BTC.

First-of-Its-Kind mNAV Warrants

The company issued 100 million Moving Strike Warrants featuring a unique market-to-net-asset-value (mNAV) clause. Warrants can only be exercised when the stock trades above 1.01x mNAV, ensuring that new capital increases Bitcoin per share rather than diluting existing holdings. With Metaplanet’s current mNAV at 1.21x, the warrants are already exercisable, allowing the firm to deploy additional capital accretively.

Current Holdings and Market Context

Metaplanet currently holds 35,102 BTC at an average cost of $107,607 per coin, below today’s Bitcoin price of $73,177. Compared with Strategy, which holds 738,731 BTC but trades at a discount, Metaplanet’s premium mNAV structure protects shareholder value while expanding its Bitcoin treasury.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.