Tokyo‑listed Metaplanet has unveiled plans to issue up to ¥555 billion or approx. $3.7 billion in perpetual preferred shares aimed at rapidly expanding its Bitcoin holdings. The company is targeting the acquisition of 210,000 BTC by 2027, up from around 17,132 BTC currently.
The capital raise is structured through preferred stock offerings, Class A shares offering fixed dividends of up to 6% and liquidation rights, and Class B shares being convertible into common stock (without voting rights). Shareholder approval is expected through an extraordinary general meeting scheduled for September 1, 2025.
Metaplanet has already ramped up its Bitcoin accumulation, recently purchasing 780 BTC or $92 million, bringing its total to 17,132 BTC worth over $2 billion, with an average cost of about ¥17.5 million or $118,000 per BTC.
Management positions this ambitious strategy as part of a Bitcoin-first treasury transformation, aiming to turn Bitcoin into a reserve asset and collateral for future acquisitions. CEO Simon Gerovich aims to replicate a model similar to U.S.-based Strategy (formerly MicroStrategy), using crypto reserves to fund corporate expansion without external debt.
Metaplanet shares fell over 7% following the news, but also reflecting investor caution despite the stock rising more than 345% year‑to‑date. Analysts note the raise would significantly increase Metaplanet’s funding runway while maintaining Bitcoin-per-share growth metrics amid dilution concerns.