Metaplanet has unveiled a new capital initiative aimed at expanding its Bitcoin-based treasury model, confirming the issuance of a fresh class of preferred shares geared toward overseas investors.
Key Takeaways:
Metaplanet will raise ¥21.249 billion (≈ $135 million) through Class B Preferred Shares.
The funds are intended to reinforce the company’s long-term Bitcoin-treasury strategy.
Class B shares include dividend and conversion/redemption rights but no voting rights.
The decision, approved by the board on November 20, 2025, will be presented to shareholders for approval at an Extraordinary General Meeting on December 22.
The company continues to emphasize Bitcoin as the foundation of its long-term balance-sheet strategy, arguing that BTC offers superior protection against monetary debasement, inflation risk, and instability in sovereign debt markets. With global interest rates rising and traditional “safe assets” losing reliability, Metaplanet sees Bitcoin as a more resilient store of value for the next economic era.
BTC Remains the Core of Metaplanet’s Corporate Vision
Since 2024, Metaplanet has increasingly positioned itself as a Bitcoin-treasury corporation, gradually allocating reserves toward BTC through multiple capital raises. This strategy has become a defining element of its identity, even as volatility surrounding Bitcoin-focused companies has recently weighed on equity valuations.
The new capital plan is crafted to strike a middle ground — continuing strategic BTC accumulation while protecting common shareholders against unnecessary dilution. The company describes this as balancing “capital efficiency with treasury expansion.”
Structure and Purpose of the New Class B Preferred Shares
The overseas third-party allotment will create 23.61 million Class B Preferred Shares, priced at ¥900 per share, generating proceeds of ¥21.249 billion (approximately $135 million) on the scheduled issue date of December 29, 2025.
Although Class B shareholders will not receive voting rights, the new class carries multiple investor benefits, including:
Dividend payments calculated using a notional ¥1,000 per share reference
The ability to convert Class B shares into common shares under predefined pricing terms
Cash redemption rights if the shares are not listed on the Tokyo Stock Exchange by late December 2026
Additional redemption triggers in the event of corporate reorganization or delisting
Share acquisition provisions are also built into the structure, enabling the company to repurchase Class B shares under certain pricing conditions to support long-term liquidity and stability.
Alongside the new preferred share issuance, Metaplanet plans to simplify earlier financing instruments by cancelling the 20th–22nd series of stock acquisition rights and replacing them with the 23rd and 24th series through an allotment to EVO FUND. These actions — collectively described as refinancing — are dependent on regulatory effectiveness under Japan’s Financial Instruments and Exchange Act.
What Metaplanet Hopes to Achieve
The company expects this capital initiative to:
Broaden international investor participation
Prepare for deeper market price discovery over time
Support future Bitcoin purchases under a disciplined capital strategy rather than through broad equity dilution
The issuance of Class B Preferred Shares is intended to strengthen Metaplanet’s treasury model while positioning the firm for long-term listing opportunities and global investor engagement.
