Last updated on March 17th, 2026 at 04:18 pm
Japanese investment firm Metaplanet Inc. has announced a major strategy to raise approximately $234 million (¥35 billion) in capital through the issuance of moving strike warrants to fund further Bitcoin acquisitions.
Metaplanet has issued 100 million Moving Strike Warrants with a first-of-its-kind mNAV clause. Exercise is only permitted when the stock trades above 1.01x mNAV, ensuring every share issued increases shareholder value. This enables the company to raise an estimated $234M in… pic.twitter.com/bdqxOs5gRs
— Simon Gerovich (@gerovich) March 16, 2026
Announced on Monday, March 16, 2026, the strategy involves a performance-linked mechanism where warrants are only exercised if the company’s stock price exceeds 1.01 times its current Bitcoin Net Asset Value (mNAV).
This ensures that new capital is raised only when it enhances value for existing shareholders. The proceeds are earmarked for the direct purchase of $BTC (Bitcoin), reinforcing the firm’s transition from a hotel operator to a premier “Bitcoin Treasury Company.”
Metaplanet’s “21 million plan” affect its Bitcoin holdings
The latest funding round is part of a broader 2025-2026 Bitcoin Plan, designed to scale the company’s holdings to 21,000 BTC by the end of 2026. Metaplanet has already seen massive growth, recently reporting that it held 35,102 BTC as of late December 2025, worth approximately $3.78 billion. By leveraging equity markets through these warrants, the company aims to maximize BTC Yield, a key performance indicator measuring the growth of Bitcoin holdings relative to fully diluted shares.
Metaplanet is expanding its Bitcoin operations into the U.S. and Japan
Beyond simple accumulation, Metaplanet is aggressively building a global financial infrastructure for the agentic economy. On March 12, 2026, the company launched two new subsidiaries: Metaplanet Ventures K.K. in Japan and Metaplanet Asset Management Inc. in Miami, Florida. These units focus on Bitcoin-native financial services, including lending, custody, and derivatives.
Following a transparency criticism circulated on X, Chief Executive Simon Gerovich has publicly defended Metaplanet’s Bitcoin investment strategy against allegations of a lack of transparency.
In a comprehensive public statement, Gerovich responded to claims that the firm had failed to adequately disclose Bitcoin purchases, obscured financial details from shareholders, and mismanaged options trades. These accusations originated from an anonymous post that alleged Metaplanet concealed losses and utilized shareholder funds to buy Bitcoin near market high points.
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