Metaplanet Inc. is making a bold move to deepen its Bitcoin strategy with a $135 million capital raise through the issuance of preferred shares.
Key Takeaways
- Metaplanet plans to issue 23.6 million Class B preferred shares at ¥900 each, raising up to ¥21.2 billion (around $135 million).
- The majority of the funds will be used to purchase additional Bitcoin and reduce corporate debt.
- This capital move is part of Metaplanet’s evolution into a Bitcoin Treasury Corporation, aiming to strengthen its long-term crypto strategy.
- The company currently holds 30,823 Bitcoin valued at $2.8 billion, ranking it fourth among global corporate BTC holders.
What Happened?
Metaplanet Inc., a Tokyo-listed company, has announced a sweeping capital restructuring that includes the issuance of new Class B shares, amendments to its Articles of Incorporation, and reductions in capital stock and reserves. The initiative will inject approximately $135 million into the company, primarily to boost its Bitcoin reserves and fortify its financial structure.
*Notice Regarding Issuance of Class B Preferred Shares through Third-Party Allotment* pic.twitter.com/AmzR3wJtzd
— Metaplanet Inc. (@Metaplanet) November 20, 2025
Metaplanet’s Bitcoin-Focused Transformation
Since rebranding itself as a Bitcoin treasury enterprise in 2024, Metaplanet has steadily positioned Bitcoin as a core asset in its corporate strategy. Its initiatives like the “21 Million Plan” and “555 Million Plan” have reflected the company’s mission to accumulate Bitcoin over time, much like MicroStrategy in the U.S.
To reinforce this vision, Metaplanet will issue 23.61 million Class B shares, also called MERCURY shares, through a third-party allotment scheduled to complete by December 29, 2025. These shares are priced at ¥900 each, raising a total of ¥21.249 billion.
Key details of the issuance include:
- Net proceeds estimated at ¥20.4 billion (approx. $130 million).
- Approximately ¥15 billion (around $95 million) will be allocated to direct Bitcoin purchases.
- Remaining funds will support income-generating strategies and bond redemptions.
- The shares will be issued via overseas settlement systems, attracting long-term institutional investors.
Capital Restructuring and Strategic Justification
The issuance comes alongside an Extraordinary General Meeting to approve reductions in Metaplanet’s capital stock and reserve, as well as the official increase in authorized shares. These steps aim to provide greater financial flexibility and transparency.
The company emphasized that the Class B preferred share structure was chosen deliberately. Rather than using traditional debt or diluting common shares, this structure allows Metaplanet to maintain long-term shareholder alignment while supporting Bitcoin-centric goals.
This capital raise replaces earlier fundraising initiatives, including the expiration of 2025 EVO FUND-linked warrants, paving a clear path for the company’s next growth phase.
Bitcoin Holdings and Market Position
Metaplanet already holds 30,823 BTC, worth roughly $2.8 billion, making it the fourth-largest corporate holder of Bitcoin globally. The company sees Bitcoin not only as an investment asset but also as a superior long-term store of value, citing its scarcity, transparency, and portability.
Management believes that global financial systems are undergoing a monetary structural shift, and that Bitcoin’s role in institutional treasuries will only expand.
CoinLaw’s Takeaway
In my experience, very few traditional public companies pivot so aggressively into Bitcoin as Metaplanet has. This is a significant bet on the future of money, and it shows real conviction. Issuing preferred shares to fund more Bitcoin buys while reducing debt is a smart capital play that signals long-term thinking. I found their strategy similar to MicroStrategy’s, but with an added regional flavor that could help bridge Asia’s institutional adoption of BTC. If they pull this off successfully, Metaplanet might become a blueprint for other firms looking to follow the Bitcoin treasury model.
