Metaplanet Halts Legacy Warrants to Safeguard Bitcoin Holdings

Metaplanet suspends legacy warrants to prevent dilution, pivots to a NAV-linked financing model to fund its aggressive Bitcoin acquisition strategy.

In a significant move to protect shareholder value, Metaplanet has announced a freeze on millions of legacy share warrants. The company is suspending the exercise of these instruments to prevent dilution of its substantial Bitcoin reserves, pivoting instead to a new financing model designed to preserve value for existing investors.

Strategic Shift to a NAV-Linked Model

The company's management has suspended the exercise rights for its Series 23 and 24 share warrants until at least December 2027. This action impacts approximately 210 million potential new shares that were issued to the EVO Fund at the end of 2025. The core objective is clear: to ensure that any future share issuance directly increases the amount of Bitcoin held per share.

Attention now turns to the newly prioritized Series 27 warrants. This series incorporates a specific net asset value (NAV) clause. Under this structure, new shares can only be created if the company's valuation maintains a specific ratio to its cryptocurrency holdings. The current ratio stands at 1.11, providing a comfortable buffer above the required minimum threshold of 1.01.

Funding a Major Bitcoin Acquisition Strategy

Alongside this structural overhaul, Metaplanet is advancing an aggressive expansion plan. The firm has already secured a comprehensive financing package, raising $255 million from institutional investors. If all associated options are exercised by 2028, this fresh capital could grow to as much as $531 million.

A significant portion of these funds is already allocated. Between April 2026 and March 2028, the company plans to channel approximately $357 million into additional Bitcoin purchases. Metaplanet currently holds 35,102 Bitcoins, valued at roughly $2.6 billion. Its ambitious "555-million plan" targets accumulating 100,000 Bitcoins by the end of this year and 210,000 by 2027.

Operational Restructuring and Financial Performance

Beyond simply building its reserves, Metaplanet is also restructuring its operational business. The recent transfer of nearly 5,000 Bitcoins to new wallets is viewed by observers as an internal organizational measure rather than a sale. Concurrently, the company is entering the crypto infrastructure market through two new subsidiaries. These units will focus on supporting Japanese market startups in areas including the Lightning Network, custody solutions, and stablecoins.

Financially, the high volatility of the cryptocurrency market has left a mark. For the 2025 fiscal year, the company recorded an extraordinary impairment charge of approximately $680 million. On the operational front, however, there is growth: the revenue forecast has been raised to 8.58 billion yen.

To secure its strategic trajectory, Metaplanet is utilizing a $500 million credit line backed by its own Bitcoin holdings. Around $280 million of this facility has currently been drawn down, providing the necessary flexibility for planned acquisitions in the coming months.