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Metaplanet, the Japan-based company betting heavily on Bitcoin (BTC), has created a financial tool that would enable it to raise to $234 million to purchase more BTC. In an update shared by Metaplanet CEO Simon Gerovich, the firm is issuing 100 million Moving Strike Warrants with a "first-of-its-kind mNAV clause."
How Metaplanet’s Moving Strike Warrants work
For clarity, a warrant allows investors to buy new shares at a predetermined price in the future. That is, the 100 million warrants issued by Metaplanet could convert into 100 million shares, which the investors pay for to raise money for Metaplanet.
One notable thing about these moving strike warrants is that the price adjusts over time depending on market conditions. It implies that investors can only convert the warrants into shares when the stock trades above the value of its assets.
This move by Metaplanet helps to ensure that the shares are not diluted, as such a development could harm shareholders.
According to Gerovich, "Exercise is only permitted when the stock trades above 1.01x mNAV, ensuring every share issued increases shareholder value."
Experts consider this an innovative financing model to scale Metaplanet’s holdings without value erosion. This approach enables the company to raise capital whenever its stock trades at a premium to its BTC holdings.
Metaplanet signals renewed commitment to Bitcoin
Metaplanet’s move to increase its Bitcoin portfolio comes following the asset’s recent bullish rebound that has seen the price climb into the $73,000 - $74,000 zone.
This recovery signals easing bearish pressure on investment companies like Michael Saylor’s Strategy, which has trimmed its losses with the recovery.
Interestingly, Metaplanet has not been active in the accumulation of Bitcoin after its initial purchase of 4,279 BTC at the start of 2026. The firm appeared to have eased off its purchases, possibly to monitor the volatility that has dogged the leading crypto asset for weeks now.
With this move to raise capital for additional purchases, it could mean that the Japan-based company is reentering the market boldly, like Strategy.
Dan Burgin
Vladislav Sopov
