Metaplanet, a company listed on the Tokyo Stock Exchange, is preparing to raise $135 million through the issuance of Class B preferred shares. This aggressive Bitcoin accumulation strategy signals the company's intent to compete on a larger scale, further solidifying Bitcoin's growing role in corporate financial strategies.
Key Information
- •Metaplanet plans to raise $135 million through the issuance of Class B preferred shares.
- •The fundraising aims to strengthen its Bitcoin treasury strategy without resorting to traditional debt.
- •The new shares offer a fixed dividend of 4.9% and a possibility of conversion into common shares, but without voting rights.
- •Despite recent losses, Metaplanet continues its Bitcoin accumulation, affirming a long-term vision.
A Tailored Fundraising to Support an Ambitious Bitcoin Strategy
Having recently reached the top 5 public Bitcoin treasuries, Metaplanet intends to raise 21.2 billion yen, equivalent to approximately $135 million. This will be achieved through the issuance of 23.6 million perpetual Class B preferred shares, with each share priced at 900 yen (about $5.71). This initiative is detailed in an official document submitted to the Tokyo Stock Exchange.
The fundraising, which requires approval at an extraordinary general meeting scheduled for December 22, 2025, will be conducted via a private placement with foreign investors. The primary objective is to reinforce Metaplanet's bitcoin-focused treasury strategy without the need for conventional borrowing.
Metaplanet CEO Simon Gerovich emphasized this goal, stating on X: "a new step in the rise of Metaplanet’s Bitcoin treasury strategy."
These Class B shares possess several distinct technical characteristics:
- •A fixed annual dividend of 4.9%, calculated on a notional value of $6.34, which translates to approximately $0.078 per quarter.
- •A potential conversion into common shares at a price of $6.34, though these converted shares will not carry voting rights.
- •Holders are afforded redemption rights under specific conditions, ensuring a degree of flexibility.
- •Metaplanet retains a callable option that can be exercised if the share price consistently exceeds 130% of the liquidation value for 20 consecutive days.
The market responded promptly to the announcement, with Metaplanet's shares closing up 3.2% on the day of the announcement. Despite this positive short-term reaction, the shares have experienced a decline of over 60% in the past six months. This operation highlights a deliberate strategic choice to finance development through hybrid capital instruments rather than traditional debt.
The Mercury Program: An Expansion Strategy Despite Latent Losses
In conjunction with this fundraising, Metaplanet is also undertaking a restructuring of its existing financial instruments. The company plans to cancel its 20th to 22nd warrants and establish a new series of warrants, the 23rd and 24th. These new warrants will be assigned to the Evo Fund, based in the Cayman Islands, pending regulatory approval.
This reorganization is integral to the implementation of the Mercury program and is designed to enhance capital financing flexibility while simultaneously advancing the company's Bitcoin treasury expansion strategy.
Currently, Metaplanet holds 30,823 BTC, positioning it as the fourth-largest public holder of Bitcoin globally. However, the company's current Bitcoin holdings are experiencing a latent loss of -15.17%, attributed to an average purchase price of $108,036 per BTC.
The company's strategy prompts scrutiny, particularly as the Tokyo Stock Exchange is reportedly considering increased oversight for companies with significant cryptocurrency exposure. This comes in the wake of the DAT token crash, which previously impacted the Japanese market.
Metaplanet's continued commitment to strengthening its Bitcoin position, despite current latent losses, underscores a long-term strategic commitment to Bitcoin. This approach, however, could expose the company to heightened financial and regulatory volatility. Similar to Michael Saylor's Strategy, Metaplanet appears to be banking on future Bitcoin appreciation to validate its chosen path.
Through this fundraising initiative, Metaplanet is pursuing a distinct objective: to convert its treasury into a Bitcoin reserve. The company has set an ambitious target of acquiring 100,000 Bitcoins by 2026, reinforcing its aspiration to become a significant institutional player in the cryptocurrency market.