Metaplanet has raised $255 million through a private placement and introduced new warrant structures to fund further Bitcoin acquisitions.
The offering included shares priced at a 2% premium and fixed-strike warrants at a 10% premium, which could unlock an additional $276 million in capital if exercised.
The company also launched a separate warrant programme that could raise another $234 million, with CEO Simon Gerovich describing it as a first-of-its-kind structure tied to market net asset value.
The new warrants can only be exercised if Metaplanet’s stock trades above 1.01 times its mNAV, a mechanism designed to ensure shareholder value is not diluted.
Metaplanet currently holds 35,102 BTC worth about $2.5 billion and is targeting a long-term treasury of 210,000 Bitcoin. Following the announcement the Metaplanet share price was unavailable.
The strategy mirrors capital-raising approaches used by major Bitcoin treasury firms such as Strategy, which issue shares when valuation metrics support accretive growth.
Metaplanet’s latest move underscores increasing institutional competition to accumulate Bitcoin as companies seek exposure to the asset through corporate treasuries.
At the time of reporting, Bitcoin price was $74,969.02.