Metaplanet Aims to Raise $3.8 Billion via 555 Million Preferred Shares – A Bold Bitcoin Bet in 2025

• Why Is Metaplanet Raising $3.8 Billion in 2025?
• The Broken Flywheel: What Went Wrong?
• Preferred Shares: Defense Mechanism or Desperation?
• The Trump Card: Political Theater in Tokyo
• Global Context: The $111 Billion Corporate BTC Club
• FAQs

Metaplanet, the Tokyo-based firm that pivoted from hotel management to bitcoin accumulation under ex-Goldman trader Simon Gerovich, is making headlines again. With its stock down 54% since mid-June, the company plans to issue 555 million preferred shares to raise up to ¥555 billion ($3.8 billion) – potentially one of Japan’s largest corporate Bitcoin acquisition moves. The proposal, set for a shareholder vote on September 2, 2025, comes as Metaplanet’s controversial "flywheel" financing model stalls. Meanwhile, Eric Trump’s advisory role adds political intrigue. Will this gamble pay off, or is the market losing patience with crypto-heavy balance sheets?

Why Is Metaplanet Raising $3.8 Billion in 2025?

Metaplanet’s audacious plan involves issuing 555 million preferred shares to fund further Bitcoin purchases, targeting 100,000 BTC by 2026 and doubling that by 2027. This comes after raising $884 million through overseas share sales earlier this week. The BTCC research team notes this could position Metaplanet as Japan’s answer to Michael Saylor’s MicroStrategy, which holds 630,000 BTC. However, unlike Saylor’s NASDAQ-listed firm, Metaplanet faces unique challenges – its stock has cratered 54% since June, erasing gains from its aggressive Bitcoin accumulation strategy.

The Broken Flywheel: What Went Wrong?

Simon Gerovich’s original financing model – a share purchase agreement with Evolution Financial’s Evo Fund – relied on "sliding scale" pricing. When Metaplanet’s stock rose, Evo could buy low, sell high, and funnel profits into Bitcoin. "That flywheel’s slowing down," admits Mark Chadwick, formerly of Jefferies. With Metaplanet’s shares tanking, Evo has little incentive to exercise warrants. CoinMarketCap data shows the firm’s Bitcoin holdings grew just 50% since June 30, versus 160% in prior months. The stock’s decline has also compressed Metaplanet’s "Bitcoin premium" – its market cap now barely doubles its BTC stash, down from 8x in June.

Preferred Shares: Defense Mechanism or Desperation?

Gerovich frames the preferred shares as a "defensive play": "If our stock falls to our Bitcoin’s value, selling equity becomes destructive." The new shares offer up to 6% dividends, capped at 25% of Bitcoin holdings. It’s an unusual MOVE in Japan but mirrors MicroStrategy’s US playbook. Interestingly, trading volume on BTCC for Metaplanet-linked derivatives spiked 32% after the announcement. Still, skeptics abound. "Capital isn’t infinite," warns analyst Benoist Pierre, hinting at sustainability concerns.

The Trump Card: Political Theater in Tokyo

Adding drama, Eric TRUMP will attend tomorrow’s shareholder meeting – he joined Metaplanet as an advisor in Q2 2025 and holds 3.3 million stock options. While his role remains unclear, his presence signals growing political interest in corporate Bitcoin strategies. The company has suspended all Evo-related activities until September 30 to clear the path for the preferred share issuance.

Global Context: The $111 Billion Corporate BTC Club

Per BitcoinTreasuries.net, 170+ public companies now hold over $111 billion in Bitcoin. Metaplanet ranks 7th with 18,991 BTC ($2.1 billion). But as Chadwick notes, "Rankings only matter if you keep buying." With the vote looming, one question dominates: Will shareholders back Gerovich’s high-stakes vision, or has the crypto hype cycle finally peaked?

FAQs

How much Bitcoin does Metaplanet currently hold?

As of September 2025, Metaplanet holds 18,991 Bitcoin worth approximately $2.1 billion, making it the 7th largest corporate holder globally.

What’s unique about Metaplanet’s preferred shares?

They offer dividends of up to 6%, payable from 25% of Bitcoin holdings – a structure rarely seen in Japan but similar to MicroStrategy’s approach in the US.

Why is Eric Trump involved?

Trump became an advisor in 2025 and holds 3.3 million stock options. His Tokyo visit suggests growing political interest in corporate crypto strategies.