Metaplanet is preparing to raise $135 million through the issuance of new Class B perpetual preferred shares to expand its Bitcoin treasury strategy. The firm plans to issue 23.6 million Class B shares at 900 yen ($5.71) each, bringing total proceeds to 21.2 billion yen, according to filings submitted to the Tokyo Stock Exchange.
The offering will be executed through third-party allotment to overseas investors, pending approval at an extraordinary shareholder meeting scheduled for Dec. 22, 2025. The new Class B shares carry a fixed annual dividend of 4.9% on a $6.34 notional amount, translating to $0.078 per quarter once regular payments begin.
Holders will have rights to convert preferred shares into common stock at a $6.34 conversion price. The company retains a market-price call option exercisable if the stock trades above 130% of liquidation preference for 20 consecutive trading days. The shares are non-voting but carry redemption rights under specific events.
Corporate Restructuring and Financing Initiatives
The capital raise pairs with broader restructuring of Metaplanet's financing instruments. The company plans to cancel its 20th through 22nd stock acquisition rights and issue new 23rd and 24th series rights to Cayman Islands-based investment fund Evo Fund, subject to regulatory approval.
Metaplanet CEO Simon Gerovich revealed the company's new Class B perpetual preferred equity program is called Mercury in a post on X. He stated the 4.9% fixed dividend and 1,000 yen conversion price represent a new step in scaling Metaplanet's Bitcoin treasury strategy.
Metaplanet's Bitcoin Holdings and Market Performance
Metaplanet shares ended Thursday up 3.20%, gaining 12 points. The company's stock has fallen over 60% during the past six months, according to Google Finance data. Metaplanet ranks as the fourth-largest public company globally in Bitcoin holdings with 30,823 Bitcoin worth approximately $2.82 billion, based on BitcoinTreasuries.NET data.
The company acquired its Bitcoin stash at an average purchase price of $108,036 per Bitcoin, currently sitting on a 15.17% unrealized loss. The position has declined sharply from October highs as crypto markets weakened through November.
Industry Trends in Bitcoin Treasury Financing
Metaplanet positions itself as the third Bitcoin treasury firm to offer preferred shares, following similar moves from Strategy and asset management firm Strive. The introduction of preferred shares aims to minimize dilution from common share issuances while continuing to expand Bitcoin holdings after market cap slipped below the value of Bitcoin reserves.
Strategy has issued $7.7 billion worth of preferred shares year-to-date, though MSTR stock price has fallen 39% with shares recently trading around $176. The shift toward preferred share financing reflects evolving capital structures among Bitcoin treasury companies navigating volatile equity markets while maintaining cryptocurrency accumulation strategies.