Metaplanet announces raising of $135M via preferred shares to buy Bitcoin

Little known outside of Japan, Metaplanet now intends to play in the big leagues. With an aggressive bitcoin accumulation strategy, this Tokyo-listed company is preparing to raise $135 million to further strengthen its BTC treasury. A bold initiative which confirms the growing place of bitcoin in the financial strategies of listed companies, and further fuels the parallel with Strategy.

A tailor-made fundraising to support an ambitious Bitcoin strategy

While the company has just reached the top 5 of Bitcoin public treasuries, Metaplanet plans to raise 21.2 billion yen (or approximately $135 million) via the issuance of 23.6 million Class B perpetual preferred shares according to an official document submitted to the Tokyo Stock Exchange, at a unit price of 900 yen (approximately $5.71).

This fundraising, which must still be validated at an extraordinary general meeting on December 22, 2025, will be carried out with foreign investors via a private placement. The stated objective is to strengthen the treasury strategy centered on bitcoin, without resorting to traditional debt.

Metaplanet CEO Simon Gerovich confirmed this intention in a post on X: “a new step in the rise of Metaplanet’s Bitcoin treasury strategy”.

From a technical point of view, these Class B shares have several specific characteristics :

• A fixed dividend of 4.9% per year, calculated on a notional value of $6.34, or approximately $0.078 per quarter;

• Possible conversion into ordinary shares at a price of $6.34, but without voting rights;

• A holding accompanied by redemption rights under certain conditions, offering flexibility to holders;

• The call option can be activated by Metaplanet if the stock price exceeds 130% of the liquidation value for 20 consecutive days.

The market reaction was immediate. Thus, on the day of the announcement, Metaplanet stock closed up 3.2%, although it still recorded a fall of more than 60% over the last six months. This operation illustrates an assumed strategic choice, where development financing involves hybrid capital tools rather than conventional debt.

The Mercury program: an expansion strategy despite latent losses

In parallel with this fundraising, Metaplanet is undertaking a restructuring of its existing financial instruments. The company plans to cancel its 20^th at 22^th share subscription warrants and create a new series (23^th and 24^th), allocated to the Cayman Islands-based Evo Fund, subject to regulatory approval.

This reorganization, which accompanies the establishment of the Mercury program, aims to strengthen the flexibility of capital financing while continuing the company's Bitcoin treasury expansion strategy.

Additionally, Metaplanet currently holds 30,823 BTC, making it the fourth largest public bitcoin holder in the world. However, its exposure is currently in the red, with an unrealized loss of -15.17%, linked to an average purchase price of $108,036 per BTC.

The company's strategy is challenging, particularly in a context where the Tokyo Stock Exchange plans to strengthen the supervision of companies heavily exposed to cryptos, following the crash of the DAT token which had already shaken the Japanese market earlier in the year.

This insistence on strengthening an already deficit position demonstrates an assumed long-term positioning on bitcoin. However, it could also expose Metaplanet to increased volatility, both financial and regulatory. Like Michael Saylor's Strategy, Metaplanet seems to be banking on a future appreciation of BTC to validate its strategy.

With this fundraising, Metaplanet is pursuing a clear strategy: transforming its cash flow into a reserve of bitcoins. The stated objective is ambitious: Metaplanet is targeting 100,000 Bitcoins by 2026, thus confirming its desire to establish itself as a major institutional player in the crypto market.