Tokyo-listed Metaplanet has announced plans to issue up to 555 billion Japanese yen ($3.7 billion USD) in perpetual preferred shares over the next two years, with proceeds earmarked for expanding its bitcoin treasury.
Details of the proposed issuance
The shelf registration, effective from August 9, 2025 to August 8, 2027, would allow Metaplanet to issue shares in tranches as market conditions permit.
This move is designed to support Metaplanet’s goal of amassing 210,000 BTC by 2027.
The proposed raise represents roughly 75% of the company’s current market cap of 729.45 billion yen.
Shareholder approval
The issuance is not guaranteed.
Metaplanet clarified:
“No specific plan for the issuance of the Preferred Shares is currently in progress, and it is uncertain whether such issuance will take place.”
Key to the proposal is a vote at the Extraordinary General Meeting on September 1 to increase authorized shares from 1.61 billion to 2.723 billion.
If approved, two new classes of perpetual preferred shares (Class A and B) could be created, prioritizing up to 6% dividend payouts over common shareholders, and splitting potential issuance equally between the classes.
Current bitcoin treasury position
Metaplanet currently holds 17,132 BTC, with its most recent purchase of 780 BTC occurring on July 28.
At current market prices, these holdings are valued at $1.95 billion. For ongoing updates on the company’s bitcoin reserves, see the Metaplanet bitcoin treasury tracker.
Focus on bitcoin accumulation
If the capital raise is approved and executed, Metaplanet would significantly increase its bitcoin reserves and further solidify its position among public companies holding large amounts of bitcoin.
