Metaplanet Moves 4,986 BTC as Stock Slides 12%

• Metaplanet moves 4,986 BTC after a 3-month dormancy as stock drops 12%.
• Transfers follow the new capital policy tied to mNAV and equity-based funding strategy.
• $531M raised to fund BTC accumulation while limiting dilution through warrant controls.

Metaplanet has transferred 4,986 BTC after nearly three months of inactivity, according to on-chain data from Arkham. The movement, valued at approximately $368 million at the time of transfer, coincided with a decline in the company’s stock price, which fell more than 12%.

Blockchain data shows the company initiated several test transactions before relocating its Bitcoin holdings to five new wallets. The transfers originated from cold storage, prompting attention across the crypto market due to the size and timing of the movement.

On-chain observers indicated that the activity appears consistent with internal fund reallocation rather than immediate selling. However, the scale of the transfer and its proximity to recent corporate developments contributed to heightened scrutiny among market participants.

Capital Strategy Update and Funding Activity

The transfers came one day after Metaplanet’s board approved a revised capital allocation policy. Under the updated framework, the company will raise capital exclusively through common share issuance and conduct share buybacks when its modified net asset value (mNAV) exceeds 1x.

The company stated that the policy is intended to support long-term corporate value and align capital deployment with shareholder outcomes. As part of its funding strategy, Metaplanet raised approximately $255 million from institutional investors and secured an additional $276 million through fixed-strike warrants, bringing total capital raised to about $531 million.

According to the company, the structure is intended to monetize equity volatility while maintaining access to capital for Bitcoin accumulation. The approach includes a Bitcoin-linked threshold for warrant exercises, which limits dilution by allowing capital deployment only when equity value rises.

The recent transfers, combined with the updated capital strategy, have drawn attention to how Metaplanet balances treasury expansion with shareholder considerations. The availability of additional capital through warrant exercises introduces flexibility but also underscores the importance of execution, as market conditions remain unstable.

Related: Metaplanet Resumes Bitcoin Buying Spree After 3 Month Pause