Metaplanet comes out of two-month hibernation with plans to raise $234 million for BTC

Metaplanet has moved to restock its Bitcoin holdings with an estimated $234 million in fresh capital. The company’s CEO, Simon Gerovich, made the announcement today, March 16, 2025, alongside its issuance of 100 million Moving Strike Warrants built on a first-of-its-kind mNAV exercise clause, which ensures that each share issued will grow the firm’s Bitcoin per share.

According to the Japanese firm, exercise is only permitted when Metaplanet’s stock trades higher than 1.01x mNAV, so that the $234 million will only be unlocked accretive to BTC per share.

This means that they will only issue new shares to buy Bitcoin when their stock price is high enough to ensure that the value of Bitcoin behind every single share actually goes up.

In his announcement tweet, Gerovich framed it as a mechanism to “ensure the raised funds increases shareholder value.”

Metaplanet comes out of two-month hibernation

The announcement comes as Metaplanet had not made a confirmed Bitcoin purchase since early January. And while the firm sat on its 35,102 BTC for weeks despite the latest market events, projects like Strategy did the exact opposite, instead choosing to buy every dip. That consistency has now sent Strategy’s holdings to 761,068 BTC, which is worth over $56 billion, according to Cryptopolitan.

Strategy’s most recent acquisitions have further widened the gap between them and Metaplanet.In early March, Strategy acquired 17,994 BTC in just one week, before following it up today with another 22,337 BTC for $1.57 billion.

However, that period of silence wasn’t for nothing, as mNAV only permits action when conditions are right. Aggressive buying during a bear market (when the asset would most likely be trading near the mNAV) would violate the very constraints Metaplanet built its acquisition framework around.

As such, the silent two months seem to be less of a sign of hesitation and more of the mNAV clause performing its function.

Is Bitcoin out of a bear market?

Metaplanet’s announcement came as CryptoQuant analyst Axel Adler Jr. spotted a structural shift earlier today. Posting on his X account, Adler noted that about two weeks ago, bears owned the tape as Bitcoin was trading below Fair Value, and his Bitcoin Futures Flow model firmly indicated a Bear regime.

“Today,” according to the tweet, “the structure has fully flipped. Price is back above Fair Value, and the bearish control is broken.” His Integrated Market Index, which tracks momentum conditions on a 0–100 scale, also surged to 95%, which the model classifies as bull territory.

In his week 2 March substack update published yesterday, March 15, Adler had already noted that his adaptive Sell-side Risk Ratio model was showing selling pressure roughly 6x below its cyclical norm, which he described as a “generally positive sign for Bitcoin.”

However, the Fear & Greed Index still sits at 43 out of 100 as of today, meaning the asset is technically no longer in fear territory, which historically is the entry point that most Bitcoin accumulators would target.

The sentiment reading has come a long way since the extreme fear depths of February 2, when  BTC was trading at $62,000.

Either way, Metaplanet is sitting on fresh funding, ready to be deployed under the right conditions. However, it is still a fair way away from meeting its 100,000 BTC target for 2026.

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