Metaplanet’s market-to-net-asset value stood at about 1.11x on Monday, a level that put the company above the threshold needed to make a novel class of warrants exercisable.
Data shows the firm held 35,102 BTC, and executives say the fresh capital will be used to keep buying Bitcoin as it chases a 210,000 BTC treasury target.
Moving Strike Warrants Tied To MnAV
The company sold roughly $255 million in a private placement of new shares priced at a 2% premium, and paired those shares with fixed-strike warrants at a 10% premium.
According to the CEO, Simon Gerovich, if all warrants are exercised the firm could add about $276 million more — and a separate “moving strike” warrant package could provide another $234 million of potential capital.
The moving strike warrants include what the Metaplanet CEO called an mNAV clause: they can only be exercised when the stock trades above 1.01x mNAV. That clause is meant to prevent issuing shares at levels that would reduce Bitcoin per share.
Reports note the mNAV metric compares enterprise value to the value of a company’s crypto holdings, and a reading below 1 makes new equity raises more difficult.
Metaplanet has raised ~$255m from global institutional investors via a placement of new shares priced at a 2% premium, paired with fixed-strike warrants at a 10% premium that monetize our equity volatility for up to ~$276m in additional capital upon exercise. Up to ~$531m in… pic.twitter.com/0tg62TopGR
— Simon Gerovich (@gerovich) March 16, 2026
Private Funding To Fuel Treasury Buys
The placement drew institutional investors. The new capital will be directed mainly toward Bitcoin purchases as part of a buildup that aims to make this company one of the largest corporate holders.
Reports indicate the firm already ranks among the top holders and is positioning to expand further with the fresh funds.
A Playbook Borrowed From A Larger Peer
Market observers have compared the approach to the model used by Strategy. Officials said that programmatic equity offerings, timed when mNAV is favorable, let a public firm raise cash and add Bitcoin without issuing stock at dilutive prices.
What Investors Should Watch
Keep an eye on the mNAV ratio and on whether the moving strike warrants become exercisable. If the stock stays above 1.01x mNAV, the company can tap the extra $234 million and any fixed-strike warrants that are exercised. If mNAV falls, the path to new equity and fresh Bitcoin buys could be blocked.
Reports say the announcement came with an updated dashboard showing share price and holdings figures. The company’s target — 210,000 BTC — remains ambitious, and management framed the placement as “firepower” for accumulation.
Featured image from FXLeaders, chart from TradingView
