Points of Focus

• Metaplanet raised $255 million through a share placement, with warrants that could bring total capital to $531 million.
• The company introduced Moving Strike Warrants with a first-of-its-kind mNAV clause.
• Metaplanet holds 35,102 BTC and is targeting 100,000 by end of 2026.

Metaplanet has raised approximately $255 million from global institutional investors through a private placement of 107.4 million new common shares priced at 380 yen, or $2.39 each, a 2% premium to market. The Tokyo-listed firm paired the placement with fixed-strike warrants exercisable at 410 yen, expiring March 2028.

Metaplanet has raised ~$255m from global institutional investors via a placement of new shares priced at a 2% premium, paired with fixed-strike warrants at a 10% premium that monetize our equity volatility for up to ~$276m in additional capital upon exercise. Up to ~$531m in… pic.twitter.com/0tg62TopGR

— Simon Gerovich (@gerovich) March 16, 2026

If exercised in full, those warrants add another $276 million, bringing total potential capital to $531 million. Proceeds are earmarked for Bitcoin acquisition between April 2026 and March 2028.

What does the mNAV warrant do?

Alongside the placement, Metaplanet authorized 100 million Moving Strike Warrants, the first of their kind, governed by a novel mNAV clause. These warrants can only be exercised when the company’s shares trade at or above 1.01x its modified net asset value, a metric that measures enterprise value relative to the current value of Bitcoin holdings.

The mechanism is designed to solve a problem common to Bitcoin treasury companies: share issuance that dilutes existing holders’ Bitcoin exposure per share. Under a standard warrant structure, new shares can be exercised regardless of whether the company’s equity is trading at a premium or discount to its underlying Bitcoin. The result is dilution that reduces how much Bitcoin each share represents.

Metaplanet’s mNAV clause flips that dynamic. By tying exercisability to a minimum 1.01x premium, the structure ensures that every new share issued only occurs when the market is already pricing in accretive value above the Bitcoin holdings. CEO Simon Gerovich explicitly confirmed that this structure ensures every new share issued actively increases the amount of Bitcoin held per share. Metaplanet’s mNAV stood at 1.11x at the time of the announcement, above the minimum threshold.

To further limit dilution risk, Metaplanet simultaneously suspended previously issued warrants representing up to 210 million shares.

The bigger picture

Metaplanet currently holds 35,102 BTC valued at approximately $2.5 billion and is targeting 100,000 BTC by the end of 2026, and 210,000 BTC by the end of 2027. The $531 million raise is the financing vehicle for that ambition. The mNAV warrant is the guardrail that keeps the ambition from coming at existing holders’ expense.

Strategy pioneered the Bitcoin treasury model. Metaplanet is now engineering the second generation – one where the capital markets structure is designed to protect Bitcoin exposure, not just blindly accumulate it.