Metaplanet said Monday it raised $255 million in a private placement and introduced a new warrant structure aimed at funding additional bitcoin purchases.
The Tokyo-listed firm, which is tracked on Bitbo’s Metaplanet treasury page, said the private placement was sold to institutional investors.
Private placement and fixed-strike warrants
Metaplanet said the deal priced new shares at a 2% premium.
It also paired the raise with fixed-strike warrants at a 10% premium.
CEO Simon Gerovich said that if those warrants are exercised, they could add $276 million in additional capital to support the company’s goal of amassing 210,000 BTC.
Metaplanet also issued a separate strike warrant offering on Monday that it said could bring in another $234 million.
Moving Strike Warrants tied to mNAV
Gerovich said the company issued 100 million “Moving Strike Warrants” featuring a Market Net Asset Value (mNAV) clause.
He said the warrants are exercisable only if the stock trades above 1.01x mNAV.
Gerovich wrote:
“First-of-its-kind Market Net Asset Value (mNAV) clause, which makes these exercisable only if the stock trades above 1.01x mNAV.”
Holdings, mNAV, and Strategy comparison
Metaplanet’s mNAV stood at 1.11x on Monday, according to the company’s dashboard.
The firm said it held 35,102 BTC worth about $2.5 billion, with shares trading around $2.45.
The mNAV ratio compares a company’s enterprise value to the value of its crypto holdings.
