Metaplanet is preparing to raise $135 million through the issuance of new Class B perpetual preferred shares, part of a broader plan to expand its Bitcoin-focused treasury strategy.
Filings submitted to the Tokyo Stock Exchange show the company will issue 23.6 million Class B shares at 900 yen ($5.71) each, raising 21.2 billion yen ($135 million). The offering will be conducted through a third-party allotment to overseas investors and is subject to approval at an extraordinary shareholder meeting on Dec. 22, 2025.
The new shares carry a fixed annual dividend of 4.9% on a $6.34 notional amount, equaling $0.078 per quarter once payments begin. Holders can convert the preferred shares into common stock at $6.34 per share.
Metaplanet also holds a market-price call option, exercisable if the stock trades above 130% of the liquidation preference for 20 consecutive trading days. The shares are non-voting but include redemption rights under specific conditions.
Metaplanet cancels old warrants
The capital raise comes alongside a broader restructuring of the company’s financing instruments. Metaplanet plans to cancel its 20th through 22nd stock acquisition rights and issue new 23rd and 24th series rights to Cayman Islands–based investment fund Evo Fund, pending regulatory approval.
In a post on X, CEO Simon Gerovich said the company’s new Class B perpetual preferred equity program is called Mercury. “4.9% fixed dividend. ¥1,000 conversion price. A new step in scaling Metaplanet’s Bitcoin treasury strategy,” he wrote.
Shares ended the day up 3.2%, gaining 12 points, though the stock has declined more than 60% over the past six months, according to Google Finance.
Metaplanet’s Bitcoin holdings show unrealized losses
Metaplanet, the fourth-largest public company by Bitcoin (BTC$90,788) holdings, currently holds 30,823 BTC, valued at roughly $2.82 billion, according to BitcoinTreasuries.NET.
The company acquired Bitcoin at an average price of $108,036 per BTC, leaving it with an unrealized loss of -15.17%, down from October highs.