Metaplanet Plans Permanent Release of Shares Worth ¥555 Billion
Metaplanet Inc. has unveiled an ambitious plan to accumulate up to 210,000 Bitcoins by the year 2027. The company intends to achieve this by issuing up to ¥555 billion (approximately $3.6 billion) in perpetual preferred shares over a two-year period.
The capital raised will be exclusively used to fund the acquisition of Bitcoin, marking a significant expansion of Metaplanet’s existing Bitcoin holdings. Currently, the company holds over 17,000 Bitcoins, worth approximately $2 billion. This move follows a successful year-to-date Bitcoin yield of 430.2%, as of July 18, 2025.
The issuance will be structured into two classes of perpetual preferred shares—Class A and Class B—each capped at ¥277.5 billion. Class A shares are senior, non-convertible preferred shares that function similarly to corporate bonds. They offer priority in dividends and liquidation, with dividend rates up to 6% annually, depending on market conditions and investor demand. Class A shares do not carry voting rights and offer a relatively lower risk profile.
Class B shares, on the other hand, are subordinate, convertible preferred shares equipped with put options allowing holders to convert to common stock. This offers upside potential from price gains. However, they carry subordinate rights compared to Class A shares and also lack voting rights.
The issuance requires shareholder approval at an Extraordinary General Meeting (EGM) scheduled for September 1, 2025. Due to limited venue capacity, attendance will be determined by lottery, with the meeting also livestreamed for shareholders. Amendments proposed include allowing virtual shareholder meetings and increasing authorized shares to 2.72 billion.
The shelf registration authorizes Metaplanet to issue these shares anytime from August 9, 2025, through August 8, 2027. This provides flexibility to raise capital in line with market conditions and long-term strategic goals. No issuance is guaranteed without shareholder approval and regulatory clearance.
Metaplanet’s Bitcoin Treasury strategy remains central to its capital planning. The company aims to significantly grow its Bitcoin holdings without diluting common shares or increasing debt. This approach mirrors the strategy used by Michael Saylor’s company, MicroStrategy, which similarly used perpetual preferred shares to fund large Bitcoin acquisitions.
It's important to note that the issuance under the shelf registration remains entirely optional for Metaplanet. The company will also amend its Articles to formally define the two classes of preferred shares, outlining their characteristics, issuance caps, and governance structure. The shelf registration aligns with Metaplanet's roadmap, giving it flexibility to fuel its treasury expansion without repeated shareholder approvals.
In summary, Metaplanet’s proposed ¥555 billion perpetual preferred shares issuance is a planned capital-raising measure aimed to fund a substantial increase in Bitcoin holdings, featuring a two-class preferred share structure designed to appeal to different investor risk appetites while preserving governance control and avoiding common share dilution.
- Metaplanet's capital-raising strategy involves issuing perpetual preferred shares, with the sole purpose of accumulating more Bitcoins as part of its expanding Bitcoin Treasury.
- The Defi industry might find this move intriguing, as it signifies a significant shift in traditional finance (finance) towards investing in digital assets like Bitcoin.
- Metaplanet's governance structure will be amended to formalize the two classes of preferred shares and their respective features, ensuring appropriate risk allocation and investor appeal, while maintaining control over its own strategic expansion in the DeFi and Bitcoin business.
