Metaplanet lines up $531 million in 'additional firepower' for 210,000 BTC plan, CEO Gerovich says

Metaplanet CEO Simon Gerovich said Monday the Tokyo-listed investment firm has secured approximately $255 million from global institutional investors through a share placement priced at a 2% premium, part of a financing package that could deliver up to $531 million in “additional firepower” to help fund the company's 210,000 bitcoin target.

The financing combines 107.4 million new common shares at 380 yen ($2.39) each with 1.07 million warrants exercisable at 410 yen ($2.57) per share — a 10% premium to the placement price — that could generate an additional $276 million if exercised in full before the March 2028 expiration, according to a notice approved by Metaplanet's board on March 16. 

The company also authorized the issuance of 100 million new "MS Warrants" with exercise conditions tied to its mNAV metric, a measure of enterprise value relative to bitcoin holdings.

Metaplanet plans to allocate 56.9 billion yen ($357 million) of the net proceeds to additional bitcoin purchases between April 2026 and March 2028, the filing shows. The company held 35,102 BTC as of Dec. 31, 2025, a roughly 19-fold increase from the 1,762 BTC it held at the beginning of that year, and has set management targets of accumulating 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027.

Additional capital allocation and financial position

Beyond bitcoin acquisitions, Metaplanet will direct 21.1 billion yen ($132 million) to repay borrowings under its credit facility and 6.3 billion yen ($39.5 million) to its bitcoin income generation business as margin collateral for options underwriting, per the filing. The company maintains a $500 million credit facility collateralized by bitcoin, with approximately $280 million drawn as of March 11.

The repayment comes after the company's borrowing ratio relative to the mark-to-market net asset value of its bitcoin holdings rose to approximately 11% as of March 11, up from 9% at year-end 2025, following the recent adjustment in bitcoin prices. Metaplanet targets maintaining borrowings below 10% of BTCNAV to preserve financial flexibility, the company said. 

Metaplanet reported a non-operating impairment loss of 104.6 billion yen, or about $680 million, for fiscal 2025 linked to bitcoin price volatility. At the same time, the company raised its revenue outlook for the year to 8.58 billion yen from a prior projection of 6.8 billion yen, citing stronger-than-expected performance from its bitcoin (BTC) income generation business.

Shares of Metaplanet (MTPLF) rose nearly 5% to 391 yen on Monday. The company’s U.S.-traded shares on the OTC Markets Group closed up about 6% on Friday at $2.33.