TLDR
Metaplanet proposes a $3.7B raise via perpetual preferred shares to buy Bitcoin
17,132 BTC now held, worth $1.95B at current prices
Two new share classes aim to support long-term Bitcoin strategy
Shareholder vote set for September 1 to approve the issuance
Metaplanet is taking steps to fund its aggressive Bitcoin strategy through a massive $3.7 billion stock issuance plan. The Tokyo-listed firm is moving closer to its target of acquiring 210,000 BTC by 2027.
Metaplanet Plans $3.7 Billion Stock Issuance to Buy More Bitcoin
Metaplanet has announced plans to raise ¥555 billion (around $3.7 billion) through perpetual preferred shares. The company filed a shelf registration that would allow the issuance of these securities over two years, from August 2025 to August 2027.
The move is subject to shareholder approval during an upcoming Extraordinary General Meeting (EGM) scheduled for September 1. If passed, the funds will be used to boost the company’s Bitcoin holdings. CEO Simon Gerovich confirmed the proposal in a public statement shared on X.
*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 shelf registration allows Metaplanet to issue stock in multiple tranches, depending on market conditions. Although no specific issuance plan is underway, the company has set the groundwork for a long-term Bitcoin acquisition campaign.
Proposed Stock Structure and Conditions
Metaplanet’s funding proposal includes two new classes of perpetual preferred stock. Class A shares would be non-convertible, while Class B shares would be convertible into common shares. Each class could raise up to ¥277.5 billion.
These shares would offer a fixed dividend rate of up to 6% and hold priority over common stockholders. The company also submitted a related proposal to increase its authorized share capital from 1.61 billion to 2.723 billion shares.
This form of stock issuance allows the firm to access capital without maturing debt. It is designed to provide stable funding and attract investors who prefer income-based securities over equity exposure.
Bitcoin Holdings and Recent Activity
Metaplanet currently holds 17,132 BTC, valued at approximately $1.95 billion based on recent market prices. The company recently added 780 BTC to its treasury on July 28, following its consistent accumulation trend.
The firm aims to hold up to 210,000 BTC by 2027. If achieved, it would surpass the Bitcoin reserves of major institutions like Tesla and Galaxy Digital. This strategy places Metaplanet among the most active public firms in Bitcoin accumulation.
Despite this, Metaplanet’s stock has declined recently. Shares dropped by 7.65% to 1,063 yen after the funding announcement. Over five days, the stock is down by 10%, and it has fallen by 33% over the past month.
Shareholder Approval and Market Reaction
The proposal still requires shareholder approval. Until then, the company has clarified that no issuance has been scheduled. The filing is preparatory and depends on favorable conditions and board decisions.
Market reaction remains mixed. While the plan shows commitment to Bitcoin, investor concern over dilution and timing may be contributing to the recent share decline. However, Metaplanet’s stock has grown over 115% in the last six months, showing long-term optimism.
The funding move would allow Metaplanet to purchase additional Bitcoin without relying on operational income. It could also draw interest from investors seeking structured dividends over volatile returns. The EGM decision will determine whether Metaplanet proceeds with the new issuance plan.
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