Tokyo-listed Bitcoin treasury firm Metaplanet announced it has raised roughly 40.8 billion yen ($255 million) from global institutional investors through a share placement. This funding is part of a broader financing structure that could unlock as much as $531 million in additional capital as “firepower” toward the company’s ambitious 210,000 Bitcoin target.
Metaplanet sets new shares at a 2% premium and pairs them with 10%-premium warrants, which, if exercised before the March 2028 expiration, could generate an additional 44.5 billion yen, further boosting the company’s capacity to expand its Bitcoin holdings.
The company also approved the issuance of moving strike warrants, featuring what it called the first-ever mNAV (multiple to net asset value) clause attached to stock acquisition rights, marking a notable innovation in its financing strategy.
As of Monday, Metaplanet’s mNAV stood at 1.11x, comfortably above the key 1.01x threshold. At the same time, the company held 35,102 BTC, valued at $2.5 billion, and its stock was trading at $2.45 per share, according to Metaplanet’s dashboard.
The mNAV ratio measures a company’s enterprise value against the value of its crypto holdings. When the mNAV falls below 1, it becomes harder for firms to raise capital through new share issuances, potentially limiting their ability to buy more cryptocurrency.
 
Metaplanet intends to deploy the net proceeds primarily to make additional Bitcoin purchases over the next two years, from April 2026 through March 2028.
Metaplanet has set bold targets, aiming to accumulate 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. It’s currently the world’s fourth-largest corporate Bitcoin treasury company, according to BitcoinTreasuries.NET.
Beyond its Bitcoin purchases, Metaplanet plans to allocate 21.1 billion yen ($132 million) to repay borrowings under its credit facility and 6.3B yen ($40 million) as margin for its BTC income-generation operations.
Metaplanet recently announced that its board had approved the launch of Metaplanet Ventures and Metaplanet Asset Management, alongside a plan to invest approximately $25 million over the next two to three years in companies developing Bitcoin financial infrastructure, including lending, payments, custody, derivatives, and compliance solutions.
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