Metaplanet (3350), Asia's largest corporate bitcoin holder, is dancing on the edge of a fresh capital raise.
The Tokyo-based company's stock surged 15% on Wednesday to 605 yen, putting it just 5% away from the 637 yen trigger point.
Hitting that price reactivates the 23rd series of moving strike warrants held by EVO Fund. This would allow the sale of up to 105 million newly issued shares, with proceeds likely directed toward acquiring more BTC.
The pause on these warrants was originally a shield for shareholders. During an 80% slide from its June all-time high, the company’s enterprise value-to-bitcoin holdings multiple (mNAV) dipped below 1. Issuing shares then would have been dilutive rather than accretive.
Now, the tides have turned. The mNAV has climbed to 1.36, its highest level since October, making share issuance viable again.
If momentum continues, a second tranche—the 24th series—activates at 777 yen, unlocking the ability to sell another 105 million shares.
Metaplanet currently holds 35,102 bitcoin, securing its spot as the fourth-largest publicly traded corporate holder worldwide.
