Strategic Capital Raise for Bitcoin Treasury
Metaplanet has announced a significant capital raise of ¥21.249 billion (approximately $135 million) through the issuance of Class B Preferred Shares. This strategic move is designed to bolster the company’s long-term Bitcoin treasury strategy.
The decision, approved by the board on November 20, 2025, will be presented to shareholders for approval at an Extraordinary General Meeting scheduled for December 22. Metaplanet continues to place a strong emphasis on Bitcoin as the cornerstone of its long-term balance-sheet strategy. The company argues that Bitcoin offers superior protection against monetary debasement, inflation risk, and instability within sovereign debt markets. As global interest rates climb and traditional “safe assets” demonstrate diminished reliability, Metaplanet views Bitcoin as a more resilient store of value for the evolving economic landscape.
BTC as the Core of Metaplanet’s Corporate Vision
Since 2024, Metaplanet has increasingly solidified its identity as a Bitcoin-treasury corporation, systematically allocating its reserves towards Bitcoin through multiple capital-raising initiatives. This strategy has become a defining characteristic of the company, even amidst recent volatility impacting the equity valuations of Bitcoin-focused firms.
The newly outlined capital plan aims to strike a balance between continuing strategic Bitcoin accumulation and safeguarding common shareholders from excessive dilution. The company articulates this approach as an effort to balance “capital efficiency with treasury expansion.”
Structure and Purpose of the New Class B Preferred Shares
The overseas third-party allotment will result in the creation of 23.61 million Class B Preferred Shares. These shares will be priced at ¥900 each, generating total proceeds of ¥21.249 billion (approximately $135 million) upon their scheduled issuance date of December 29, 2025.
While Class B shareholders will not possess voting rights, these new shares incorporate several key investor benefits:
- •Dividend payments will be calculated using a notional reference of ¥1,000 per share.
- •Shareholders will have the ability to convert their Class B shares into common shares under predefined pricing conditions.
- •Cash redemption rights are available if the shares are not listed on the Tokyo Stock Exchange by late December 2026.
- •Additional redemption triggers are in place for events such as corporate reorganization or delisting.
The share structure also includes provisions for share acquisition, allowing Metaplanet to repurchase Class B shares under specific pricing conditions to support long-term liquidity and financial stability.
In conjunction with the new preferred share issuance, Metaplanet intends to streamline earlier financing instruments. This will involve cancelling the 20th–22nd series of stock acquisition rights and replacing them with the 23rd and 24th series through an allotment to EVO FUND. These collective actions, described as refinancing, are contingent upon their regulatory effectiveness under Japan’s Financial Instruments and Exchange Act.
Objectives of Metaplanet’s Capital Initiative
Metaplanet anticipates that this capital initiative will achieve several key objectives:
- •Expand international investor participation in the company.
- •Prepare for deeper market price discovery over an extended period.
- •Support future Bitcoin purchases through a disciplined capital strategy, thereby avoiding broad equity dilution.
The issuance of Class B Preferred Shares is strategically designed to strengthen Metaplanet’s treasury model and position the firm for long-term listing opportunities and enhanced global investor engagement.