Metaplanet Suggests Permanent Share Offering Worth ¥555 Billion
Metaplanet Inc., a leading digital asset company, has revealed plans to raise approximately $3.6 to $3.7 billion (555 billion yen) by issuing perpetual preferred shares. The funds will be used to fuel an ambitious Bitcoin acquisition strategy aimed at holding 210,000 BTC by 2027.
The company has filed a shelf registration, valid from August 9, 2025, to August 8, 2027, and is seeking approval for amendments to increase authorized shares and introduce two classes of perpetual preferred shares with distinct features and risk profiles.
Two-Tier Preferred Share Structure
The two-tier preferred share structure includes:
- Class A Perpetual Preferred Shares: Non-convertible shares resembling corporate bonds, offering fixed dividend rates up to 6%, with priority in liquidation but no voting rights. These shares cater to investors seeking fixed income and lower risk.
- Class B Perpetual Preferred Shares: Convertible shares that grant their holders put options to convert into common stock. These are designed for investors willing to accept more risk in exchange for potential equity upside. Like Class A, these shares lack voting rights.
Funding Bitcoin Treasury Growth
The proceeds from this issuance are intended exclusively for expanding Metaplanet’s Bitcoin treasury, growing from approximately 17,132 BTC currently held (worth about $2 billion) to a target of 210,000 BTC by 2027. The company has already achieved a reported year-to-date BTC yield exceeding 430% as of mid-2025, reflecting strong returns on its digital asset strategy.
Extraordinary General Meeting (EGM)
Metaplanet’s extraordinary general meeting (EGM) scheduled for September 1, 2025, will vote on the proposed amendments and issuance plans. The company noted that final listing approval for these preferred shares remains uncertain pending shareholder and regulatory approvals.
A Scalable Financing Tool
In summary, Metaplanet’s perpetual preferred shares serve as a key financing tool to scale its Bitcoin holdings, offering different risk-return profiles to meet various investor appetites while supporting an aggressive crypto treasury growth plan. The planned issuance period runs from August 9, 2025, to August 8, 2027.
[1]: Metaplanet Inc. Announcement [2]: Shelf Registration Filing [3]: Articles of Association Amendments [4]: Board Resolution on August 1, 2022 [5]: Metaplanet's Roadmap
- Metaplanet Inc., in its pursuit of strengthening its Bitcoin holdings, has planned to utilize the funds from issuing perpetual preferred shares, specifically for growing its Bitcoin treasury from the current 17,132 BTC to a target of 210,000 BTC by 2027.
- The company's two-tier preferred share structure includes Class A Perpetual Preferred Shares, offering fixed dividend rates up to 6%, and Class B Perpetual Preferred Shares, granting holders put options to convert into common stock, catering to investors with varying risk-return preferences.
- The company is seeking approval for amendments to increase authorized shares and introduce these two classes of perpetual preferred shares, as part of a scalable financing tool to support its ambitious Bitcoin acquisition strategy in the decentralized finance (DeFi) market.
