Metaplanet plans $135M preferred share sale to expand Bitcoin treasury strategy
Metaplanet is moving ahead with another major capital infusion as it expands its Bitcoin-focused treasury strategy. New filings with the Tokyo Stock Exchange show plans to issue 23.6 million Class B perpetual preferred shares at 900 yen ($5.71) each, raising roughly 21.2 billion yen ($135M).
The issuance will be conducted through a third-party allotment to overseas investors, pending shareholder approval on Dec. 22, 2025. The Class B shares carry a 4.9% annual dividend on a $6.34 notional amount, equal to quarterly payouts of $0.078 once distributions begin. Investors may convert the shares into common stock at a $6.34 conversion price, though Metaplanet maintains a call option if shares trade above 130% of liquidation preference for 20 straight sessions. The new preferred equity is non-voting but includes redemption protections under specific circumstances.
Company restructures financing instruments as “Mercury” program launches
The capital raise accompanies a sweeping overhaul of Metaplanet’s financing tools. The firm will cancel its 20th to 22nd stock acquisition rights and issue new 23rd and 24th series warrants to Evo Fund, a Cayman-based institutional investor, pending regulatory approval. CEO Simon Gerovich confirmed on X that the preferred equity initiative is internally labeled Mercury, describing it as a structural upgrade designed to scale the company’s long-term Bitcoin strategy.
He highlighted the 4.9% fixed dividend and ¥1,000 conversion price as core features enabling more predictable capital formation. Metaplanet shares rose 3.20% following the announcement, though they remain down over 60% in six months, reflecting market pressure and balance-sheet volatility. The firm hopes that improved financing efficiency will attract deeper offshore capital as it positions itself as Japan’s leading corporate Bitcoin accumulator.
Bitcoin losses pressure treasury as Metaplanet doubles down
Metaplanet now holds 30,823 BTC, making it the fourth-largest public Bitcoin holder globally, according to BitcoinTreasuries.NET. At current prices near $90,845, the position is valued at roughly $2.82 billion, but the company faces a significant paper loss. Its average acquisition price stands at $108,036 per BTC, leaving Metaplanet with a -15.17% unrealized drawdown, worsened by the broader crypto market’s decline from October highs. Despite the downturn, the company has signaled unwavering commitment to its Bitcoin-first balance-sheet strategy.
Analysts note that the new preferred share structure gives Metaplanet a more durable financing channel during periods of elevated volatility. The upcoming capital raise suggests the firm is preparing to buy even more BTC, positioning for a long-duration rebound rather than short-term relief.
Recently we wrote that Metaplanet Inc., a Tokyo-listed investment firm, has unveiled plans to raise more than $1.38 billion (204.1 billion yen) through an overseas share sale to accelerate its Bitcoin-focused treasury strategy.
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