Bitcoin Strategy Intensifies As Metaplanet Seeks $135M

Tokyo's bold crypto gambit accelerates as corporate treasury strategy goes mainstream.

The Bitcoin Allocation Playbook

Metaplanet doubles down on digital gold reserves while traditional finance watches from the sidelines. The $135 million capital raise signals institutional conviction isn't just coming—it's already here.

Corporate Treasury Revolution

Public companies worldwide are rewriting their balance sheet playbooks. Bitcoin's hardening monetary properties versus fiat's endless printing presses—the math speaks for itself.

Market Impact Dynamics

Each new corporate adoption creates network effects that ripple across global markets. Traditional asset managers scrambling to understand this new paradigm might want to check their Bloomberg terminals more frequently.

Wall Street's favorite pastime? Playing catch-up while pretending they saw it coming all along.

In brief

• Metaplanet, a company listed on the Tokyo Stock Exchange, plans to raise $135 million through the issuance of Class B preferred shares.
• This fundraising aims to strengthen its Bitcoin treasury strategy without resorting to traditional debt.
• The new shares offer a fixed dividend of 4.9 % and a possibility of conversion into common shares, but without voting rights.
• Despite these losses, Metaplanet continues its Bitcoin accumulation, affirming a long-term vision.

A tailored fundraising to support an ambitious Bitcoin strategy

While the company has just reached the top 5 public bitcoin treasuries, Metaplanet plans to raise 21.2 billion yen (about 135 million dollars) through the issuance of 23.6 million perpetual Class B preferred shares according to an official document submitted to the Tokyo Stock Exchange, at a unit price of 900 yen (about 5.71 dollars).

This fundraising, which must still be approved at an extraordinary general meeting on December 22, 2025, will be conducted with foreign investors via a private placement. The stated goal is to reinforce the treasury strategy focused on bitcoin without resorting to traditional borrowing.

Metaplanet CEO Simon Gerovich confirmed this intention in a post on X : “a new step in the rise of Metaplanet’s Bitcoin treasury strategy”.

From a technical point of view, these Class B shares have several specific characteristics :

• A fixed dividend of 4.9 % per year, calculated on a notional value of $6.34, or approximately $0.078 per quarter ;

• Possible conversion into common shares at a price of $6.34, but without voting rights ;

• Holdings come with redemption rights under certain conditions, providing flexibility to holders ;

• An callable option activated by Metaplanet if the share price exceeds 130 % of the liquidation value for 20 consecutive days.

The market reaction was immediate. On the day of the announcement, Metaplanet shares closed up 3.2 %, although they still recorded a drop of more than 60 % over the past six months. This operation illustrates a strategic choice assumed, where development financing is done through hybrid capital tools rather than conventional debt.

The Mercury program : an expansion strategy despite latent losses

Alongside this fundraising, Metaplanet is restructuring its existing financial instruments. The company plans to cancel its 20th to 22nd warrants and create a new series (23rd and 24th), assigned to the Evo Fund based in the Cayman Islands, subject to regulatory approval.

This reorganization, which accompanies the implementation of the Mercury program, aims to strengthen the flexibility of capital financing while pursuing the company’s Bitcoin treasury expansion strategy.

Moreover, Metaplanet currently holds 30,823 BTC, making it the fourth largest public bitcoin holder in the world. However, its exposure is currently in the red, with a latent loss of -15.17%, linked to an average purchase price of $108,036 per BTC.

The company’s strategy raises questions, especially in a context where the Tokyo Stock Exchange is considering strengthening oversight of companies heavily exposed to cryptos, following the crash of the DAT token that already shook the Japanese market earlier this year.

This insistence on strengthening an already deficient position demonstrates a long-term committed positioning on bitcoin. However, it could also expose Metaplanet to increased volatility, both financially and regulatorily. Like Strategy by Michael Saylor, Metaplanet seems to bet on a future appreciation of BTC to validate its strategy.

With this fundraising, Metaplanet pursues a clear strategy: to transform its treasury into a bitcoin reserve. The stated goal is ambitious: Metaplanet aims for 100,000 Bitcoins by 2026, thus confirming its ambition to establish itself as a major institutional player in the crypto market.

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