The Tokyo-listed firm plans a large preferred equity issuance and financing overhaul as its Bitcoin position sits more than 15% underwater.
Metaplanet is preparing a fresh capital injection to continue scaling its Bitcoin-centric treasury strategy, announcing plans to raise $135 million through newly issued Class B perpetual preferred shares. The move comes as the company undergoes a significant restructuring of its financing instruments and doubles down on long-term Bitcoin accumulation despite steep unrealized losses.
Metaplanet’s $135M Class B Share Issuance
According to filings with the Tokyo Stock Exchange, Metaplanet intends to issue 23.6 million Class B shares priced at 900 yen ($5.71) each, totaling 21.2 billion yen (approximately $135 million). The issuance will be conducted through a third-party allotment to overseas investors, pending approval at an extraordinary shareholder meeting on Dec. 22, 2025.
The new shares offer a 4.9% fixed annual dividend on a $6.34 notional amount, equal to $0.078 per quarter once payments begin. Holders may convert the preferred shares into common stock at a $6.34 conversion price, although the shares carry no voting rights.
A key provision gives Metaplanet the ability to exercise a market-price call option if the stock trades above 130% of the liquidation preference for 20 consecutive trading days, allowing the company to redeem the shares under favorable market conditions.
Metaplanet CEO Simon Gerovich announced on X that the preferred equity program — internally named Mercury — represents “a new step in scaling Metaplanet’s Bitcoin treasury strategy.”
This marks one of the company’s most aggressive capital-raising efforts to date, aimed squarely at acquiring more Bitcoin.
Financing Restructure: Old Warrants Out, New Instruments In
Alongside the capital raise, Metaplanet plans to cancel its 20th–22nd stock acquisition rights and issue new 23rd and 24th series warrants to Evo Fund, a Cayman Islands investment firm. The redesign of its financing structure signals a broader shift toward long-term, Bitcoin-focused capital allocation.
Metaplanet shares closed the session up 3.20%, though the stock remains over 60% lower than six months ago, reflecting market concerns over valuation and Treasury volatility.
Bitcoin Treasury Deep in the Red
Metaplanet is currently the fourth-largest publicly traded Bitcoin holder, with 30,823 BTC valued at roughly $2.82 billion. However, the firm acquired its holdings at an average price of $108,036 per BTC, leaving it with a -15.17% unrealized loss as Bitcoin trades near $90,714.
Despite these losses, the company’s latest capital strategy indicates a firm commitment to expanding its Bitcoin reserves.
With its $135 million preferred equity program, large-scale restructuring, and renewed focus on Bitcoin accumulation, Metaplanet is signaling confidence in its long-term crypto treasury strategy. Investors and regulators will now watch closely as the company prepares for its December approval vote and navigates volatile Bitcoin market conditions.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.