Metaplanet Raises Up to $531M for Bitcoin Treasury
On March 16, 2026, Japanese firm Metaplanet announced a major capital raise to fund its Bitcoin acquisition strategy. The company secured approximately $255 million from global institutional investors through a new share placement priced at a 2% premium to its market value. The deal was structured with additional fixed-strike warrants at a 10% premium, which could provide another $276 million if exercised, bringing the total potential capital to $531 million. The news contributed to a 4.83% increase in Metaplanet's stock, which closed at 391 JPY as Bitcoin's price rose above $74,000.
The capital is earmarked for the company's ambitious goal of holding 210,000 BTC by 2027. This target would make up roughly 1% of Bitcoin's total supply. Often called the "MicroStrategy of Japan," Metaplanet currently holds 35,102 BTC as of its last update on December 29, 2025, and this financing is designed to aggressively accelerate its accumulation.
New Warrants Introduced to Protect Shareholder Value
A key component of the strategy is the issuance of 100 million "Moving Strike Warrants" featuring a novel protection mechanism tied to the company's market Net Asset Value (mNAV). This structure, described as a first of its kind for Japanese public markets, is designed to prevent the dilution of existing shareholders' equity. These specific warrants are estimated to be capable of raising an additional $234 million for further Bitcoin purchases.
The mechanism works by tying the exercise of the warrants to the company’s stock performance relative to its underlying Bitcoin holdings. CEO Simon Gerovich clarified the rule.
Exercise is only permitted when the stock trades above 1.01x mNAV, ensuring every share issued increases shareholder value.
— Simon Gerovich, CEO, Metaplanet.
This ensures that new capital is only raised when it is accretive to the amount of Bitcoin per share, turning market volatility into a strategic funding advantage rather than a risk.
