Tokyo-listed investment firm Metaplanet has secured nearly $255 million from global institutional investors as it accelerates a business strategy focused on raising Bitcoin, with additional guarantees that could lift the total funding to nearly $531 million.
The capital was raised through the issuance of new shares priced at 380 yen ($2.39) each, representing a fraction of the market value.
The financing package also includes fixed-strike warrants available at 410 yen ($2.57) per share, which carry a 10% premium to the put price and could generate an additional $276 million if fully exercised before their expiration in March 2028, according to CEO Simon Gerovich.
The fundraising effort is part of the company’s broader plan to grow the bitcoin economy. Metaplanet said it intends to allocate up to 56.9 billion yen, or about $357 million, to buy more bitcoin between April 2026 and March 2028.
The company currently holds 35,102 BTC, which is worth approximately $2.6 billion at recent market prices. Metaplanet ranks Metaplanet among the world’s largest private equity firms, although it lags behind industry leaders such as Strategy and MARA Holdings.
Metaplanet aggressive bitcoin programs
Metaplanet executives have revealed a strong fundraising target. The company aims to increase its holdings to 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027, which is part of a strategy to position bitcoin as the main component of its balance sheet and long-term capital structure.
Beyond the placement of shares and fixed price guarantees, the company’s board also approved the issuance of a new 100 million “MS Warrant”.
These instruments are combined with a company’s net asset value, or mNAV, which is a metric that compares a company’s market capitalization to the value of its bitcoin assets.
The methodology allows warrants to be exercised only when Metaplanet shares trade above a specified multiple of that metric, a structure designed to ensure that any new equity issuance increases bitcoin holdings on a per-share basis.
The company also suspended the use of old warrants representing up to 210 million shares, a move aimed at limiting liquidation and prioritizing a new financial structure directly linked to its bitcoin storage strategy.
Not all newly raised capital will go into bitcoin purchases. According to the company’s disclosure, about 21.1 billion yen ($132 million) will be used to repay loans under Metaplanet’s credit facility, while about 6.3 billion yen ($39.5 million) will be allocated to support its bitcoin monetization business, including margin collateral for underwriting options.
Metaplanet currently maintains a credit facility of 500 million backed by bitcoin collateral, about $280 million drawn as of March 11. The company said it aims to keep borrowing below 10% of the total value of its bitcoin assets to maintain financial flexibility.
Shares of Metaplanet rose nearly 5% on Monday as bitcoin rose above $73,000, reflecting investor interest in companies that take treasury strategies directly linked to the digital asset.
The company has rapidly increased its holdings over the past year, rising from less than 2,000 BTC in early 2025 to more than 35,000 BTC today.
Last week, the company announced plans to expand beyond bitcoin holdings by launching two subsidiaries—Metaplanet Ventures and Metaplanet Asset Management—and revealed a planned investment in Japanese stablecoin producer JPYC Inc.
The company said Metaplanet Ventures will spend about ¥4 billion ($25 million) over the coming years to back up bitcoin’s financial infrastructure in Japan, including lending, payments, custody, derivatives and compliance tools.
At the time of writing, Bitcoin is trading near $74,000.
Earlier today, Strategy, led by Michael Saylor, bought 22,337 more bitcoins for $1.57 billion, raising its total holding to 761,068 BTC. The average acquisition cost is $75,696 per coin, giving the participants a current market value of around $50 billion.
