Metaplanet Secures $255 Million for Bitcoin Expansion

Tokyo-listed Metaplanet has secured $255 million from global institutional investors through a private placement of new shares, with plans to use the funds primarily for expanding its Bitcoin reserves.

The deal is part of a broader financing package that could provide up to $531 million in total capital. The company's CEO, Simon Gerovich, said that the structure ensures each new share issuance increases the amount of Bitcoin held per share.

Metaplanet has authorized 100 million Moving Strike Warrants with an mNAV clause, allowing them to be exercised only when the company's shares trade at or above 1.01x its modified net asset value. The warrants carry a 10% premium to the placement price and expire in March 2028.

The proceeds from the deal will also be used for repayments under Metaplanet's existing credit facility, margin collateral for its Bitcoin income generation business, and expanding its Bitcoin reserves to reach its target of 100,000 Bitcoins by end-2026 and 210,000 Bitcoins by end-2027.