Metaplanet’s market net asset value was about 1.11 times Monday, a level above the threshold needed to allow the company to exercise a new class of warrants.
Data shows the company holds 35,102 BTC, and management said the new capital will be used to continue purchasing Bitcoin as it pursues its 210,000 BTC financial target.
Mobile strike warrant linked to MnAV
The company sold approximately $255 million in a private placement of new shares priced at a 2% premium and combined those shares with fixed exercise warrants priced at a 10% premium.
If all warrants are exercised, the company could add about $276 million more, according to CEO Simon Gerovich, while a separate “moving strike” warrant package could provide an additional $234 million in potential capital.
Source: Metaplanet
The moving strike warrant includes what the Metaplanet CEO calls an mNAV clause. This can only be exercised when the stock is trading above 1.01x mNAV. This provision is intended to prevent the issuance of shares at a level that reduces Bitcoin per share.
According to the report, the mNAV metric compares enterprise value to the value of a company’s cryptocurrency holdings, with a number below 1 making it more difficult to raise new capital.
Metaplanet raised ~$255 million from global institutional investors through a new share placement at a 2% premium, combined with fixed exercise price warrants at a 10% premium, monetizing equity volatility for up to $276 million in additional capital upon exercise. Up to $531 million… pic.twitter.com/0tg62TopGR
— Simon Gerovich (@gerovich) March 16, 2026
private financing to facilitate government bond purchases;
This placement attracted institutional investors. The new capital will be used primarily to purchase Bitcoin as part of a build aimed at making the company the largest corporate holder.
The company is already one of the top holders and is positioned to expand further with the new funding, according to the report.
BTCUSD trading at $73,533 on the 24-hour chart: TradingView
Playbooks borrowed from larger peers
Market observers compared the approaches to the models used by the strategies. Officials said that when mNAV is favorable, programmatic stock offerings allow public companies to raise cash and add bitcoin without having to issue shares at dilutive prices.
What investors should pay attention to
Keep an eye on the mNAV rate and whether the moving strike guarantee is exercisable. If the share price remains above 1.01x mNAV, the company can leverage an additional $234 million and fixed strike warrants to be exercised. If mNAV falls, the path to buying new shares and new Bitcoin may be blocked.
According to the report, the announcement included an updated dashboard showing stock price and holdings figures. The company’s target of 210,000 BTC remains ambitious, with management deploying it as “firepower” for accumulation.
Featured image by FXLeaders, chart by TradingView
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