Key Points
- Metaplanet, a Japanese investment group, is seeking to raise $3.7 billion by offering preferred stock. The goal is to acquire Bitcoin, aiming for a total of 210,000 BTC by 2027.
- The proposed offering constitutes about 75% of the company’s existing market capitalization and requires the approval of shareholders, scheduled for a vote on September 1st.
- Metaplanet has stated that there is currently no concrete plan for the stock issuance. Bitcoin’s price is currently fluctuating within a range, despite ongoing accumulation by institutional investors.
On Friday, Metaplanet revealed its intention to generate $3.7 billion (¥555 billion) through a substantial stock offering. This initiative aims to finance a significant corporate Bitcoin investment strategy, potentially making it one of the largest in Asia.
The company, which is publicly traded in Tokyo, submitted a shelf registration document that became effective on August 9, 2025, and will remain valid until August 8, 2027. This registration allows Metaplanet to strategically issue securities in installments based on favorable market conditions.
*Metaplanet Announces EGM Agenda: Proposes Authorization of Perpetual Preferred Stock—Class A (Senior, Non-Convertible) and Class B (Convertible); Files ¥555 Billion Shelf Registration for Potential Issuance* pic.twitter.com/3rYog0IpGY
— Metaplanet Inc. (@Metaplanet_JP) August 1, 2025
The requested capital raise is equivalent to approximately 75% of Metaplanet’s current market valuation, which stands at $4.9 billion (729.45 billion yen).
According to the official filing, Metaplanet intends to “actively pursue equity financing” as a core component of its Bitcoin strategy. The company believes that launching Bitcoin-backed preferred shares is a novel approach to meeting specific financial needs.
This fundraising effort is designed to support Metaplanet’s previously stated objective: to accumulate 210,000 BTC by the end of 2027. Achieving this target would require more than a twelvefold increase from the company’s current Bitcoin holdings.
As of now, Metaplanet possesses 17,132 BTC, valued at over $1.97 billion at a price of $114,396 per coin. This figure includes the recent acquisition of 780 BTC made on July 28th.
The proposal includes the creation of two new classes of perpetual preferred shares: Class A and Class B. Each class has the potential to raise $1.9 billion (277.5 billion yen).
These preferred shares are projected to offer annual dividend payments of up to 6%, taking precedence over payouts to common shareholders. All proceeds from these shares will be specifically used to acquire Bitcoin.
However, Metaplanet has cautioned that “there is no current concrete plan for the issuance of the Preferred Shares, and it remains uncertain whether such issuance will occur.”
The proposal also involves increasing the number of authorized shares from 1.61 billion to 2.723 billion. Shareholders will vote on this matter during an Extraordinary General Meeting scheduled for September 1st.
Bitcoin Treasury Strategy
Metaplanet’s strategy mirrors that of MicroStrategy, the company holding the largest corporate Bitcoin treasury. Earlier this week, MicroStrategy successfully raised $2.5 billion through the issuance of STRC, a perpetual preferred stock designed to provide a floating monthly dividend starting at 9%.
According to CoinGecko, Bitcoin is currently trading at $115,869, reflecting a 2% decrease over the past 24 hours.
Despite the current market conditions, QCP Capital noted in a recent report that ongoing accumulation efforts by firms such as MicroStrategy demonstrate “long-term conviction” in Bitcoin.
However, the report also cautioned that the market’s lack of reaction to positive news might be indicative of a “late-cycle behavior.”
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