Metaplanet Plans Major Capital Raise to Boost Bitcoin Treasury Strategy

According to Cointelegraph, Metaplanet is gearing up for a significant capital raise by issuing new Class B perpetual preferred shares to enhance its Bitcoin-focused treasury strategy. The company has filed with the Tokyo Stock Exchange to issue 23.6 million Class B shares at 900 yen ($5.71) each, aiming to raise a total of 21.2 billion yen (approximately $135 million). This offering will be conducted through a third-party allotment to overseas investors, pending approval at an extraordinary shareholder meeting scheduled for Dec. 22, 2025. The new Class B shares will offer a fixed annual dividend of 4.9% on a $6.34 notional amount, equating to $0.078 per quarter once regular payments commence. Shareholders will have the option to convert these preferred shares into common stock at a conversion price of $6.34. However, Metaplanet retains a market-price call option, exercisable if the stock trades above 130% of the liquidation preference for 20 consecutive trading days. While these shares are non-voting, they do carry redemption rights under specific conditions. In conjunction with the capital raise, Metaplanet is restructuring its financing instruments. The company plans to cancel its 20th through 22nd stock acquisition rights and issue new 23rd and 24th series rights to the Cayman Islands–based investment fund Evo Fund, subject to regulatory approval. Metaplanet CEO Simon Gerovich announced on X that the new Class B perpetual preferred equity program is named Mercury, highlighting the 4.9% fixed dividend and a ¥1,000 conversion price as a new step in scaling the company's Bitcoin treasury strategy. Metaplanet's shares saw a 3.20% increase, gaining 12 points, although the stock has declined by over 60% in the past six months, according to Google Finance data. The company, which ranks as the fourth-largest public entity globally in Bitcoin holdings, currently possesses 30,823 BTC, valued at approximately $2.82 billion, as per BitcoinTreasuries.NET. Metaplanet acquired its Bitcoin at an average purchase price of $108,036 per BTC and is currently facing a -15.17% unrealized loss, a significant drop from October highs.