Japanese Bitcoin finance company Metaplanet (3350) said it raised approximately 40.8 billion yen ($255 million) from global institutional investors through the placement of new shares, part of a financing structure that can provide up to $531 million in total capital to support its Bitcoin accumulation strategy.
The Tokyo-listed company issued new shares at a 2% premium to market prices. The placement is paired with fixed-exercise warrants at a premium of 10%, which if exercised, could generate an additional ¥44.5 billion.
The company also launched a new series of mobile strike warrants, which are described as the first with mNAV (multiple net asset value) terms attached to stock acquisition rights.
The mechanism allows warrants to be exercised only if the company’s stock trading volume is at least 1.01 times its modified net asset value, a metric that compares a company’s market capitalization to the value of its Bitcoin holdings. Metaplanet said the structure ensures that any new share issuance will increase Bitcoin holdings per share.
To manage dilution, the company is also suspending the exercise of up to 210 million previously issued warrants to prioritize the new structure.
Metaplanet plans to primarily use these funds to expand its Bitcoin reserves to achieve its long-term goal of holding 210,000 BTC.
Metaplanet closed up 5% on Monday as Bitcoin climbed above $73,000. The company is the fourth largest corporate Bitcoin finance company in the world, holding 35,102 Bitcoins.
