Although Metaplanet has yet to finalize its preferred stock issuance, the company has filed a shelf registration to raise approximately $3.6 billion through the sale of perpetual preferred shares, aiming to substantially expand its Bitcoin treasury by acquiring up to 210,000 BTC by 2027. This filing, covering a period from August 2025 through August 2027, represents an ambitious plan to significantly enlarge the company’s digital asset holdings beyond its current 17,132 BTC valuation of about $2 billion as of mid-2025. The proceeds from this issuance are explicitly earmarked for Bitcoin acquisition, underscoring the firm’s focused commitment to cryptocurrency treasury growth. The shelf registration allows Metaplanet to issue shares in tranches depending on market conditions during this two-year window.
The proposed preferred stock issuance consists of two classes, Class A and Class B shares, each designed with distinct financial features to attract different types of investors. Class A shares are structured similarly to corporate bonds, offering fixed dividends of up to 6% and priority in liquidation scenarios, but they do not confer voting rights. Conversely, Class B shares provide holders with put options allowing conversion into common stock, foregoing fixed dividends but offering potential equity upside, also without voting privileges. These structural details demonstrate a strategic effort to balance investor appetite for income and conversion flexibility while preserving common shareholder control. This dual-class structure is intended to appeal to different investor risk profiles, aligning with broader strategic goals.
Metaplanet’s decision to pursue this large-scale preferred stock offering follows a period of heightened market activity, with the company’s stock trading volume nearly doubling from 998 billion yen in May to 1.86 trillion yen in June 2025. Meanwhile, its Bitcoin yield has been exceptionally strong, recording a 430.2% increase year-to-date by mid-July. The move to raise additional capital through preferred shares complements earlier offerings totaling $3.5 billion and is the largest financing initiative Metaplanet has undertaken to date. This scale of funding reflects growing investor confidence in the company’s digital asset strategy and its ambition to maintain a leading position in Bitcoin treasury management.
In conjunction with the preferred stock plan, Metaplanet has proposed amendments to increase its authorized shares to 2.72 billion, enabling the creation of the two preferred share classes. These amendments, subject to shareholder approval at an extraordinary meeting in September 2025, aim to broaden the appeal to investors with differing risk tolerances. However, final listing approval remains uncertain, contingent on regulatory review. This uncertainty introduces an element of risk, alongside the inherent volatility of Bitcoin valuation, which investors should carefully consider as part of the broader strategic context underpinning Metaplanet’s capital-raising effort.
