Metaplanet Raises $135M for Bitcoin Treasury Strategy

Metaplanet is executing a significant financial maneuver to strengthen its position in the cryptocurrency market, with plans to raise approximately 21.2 billion yen ($135 million) through the issuance of new Class B perpetual preferred shares. According to filings submitted to the Tokyo Stock Exchange, the company will issue 23.6 million shares at 900 yen ($5.71) each, marking one of the more substantial capital raises in the Japanese market specifically targeting Bitcoin treasury expansion. This move represents a continuation of Metaplanet’s strategic pivot toward cryptocurrency assets as part of its broader treasury management approach.

The capital raise will be conducted through a third-party allotment exclusively to overseas investors, reflecting the global interest in Bitcoin-focused investment vehicles. This international targeting strategy suggests Metaplanet is looking beyond domestic Japanese investors to secure capital from markets with greater familiarity and appetite for cryptocurrency exposure. The offering’s structure as a perpetual preferred share issuance provides the company with long-term, stable capital while offering investors predictable returns through fixed dividend payments.

The Class B perpetual preferred shares come with clearly defined financial terms designed to attract institutional and sophisticated investors. The shares feature a fixed annual dividend of 4.9% calculated on a $6.34 notional amount, translating to quarterly payments of $0.078 per share once regular dividend distributions commence. This dividend structure provides investors with a stable income stream while allowing Metaplanet to maintain financial flexibility in its Bitcoin acquisition strategy.

Perhaps the most significant feature for potential investors is the conversion right attached to these preferred shares. Holders will have the option to convert their preferred shares into common stock at a $6.34 conversion price, providing potential equity upside if Metaplanet’s common shares appreciate in value. This hybrid structure combines the security of fixed income with the growth potential of equity participation, making the offering particularly attractive for investors seeking exposure to both traditional finance and cryptocurrency markets.

The capital raise requires formal approval at an extraordinary shareholder meeting scheduled for December 22, 2025, giving existing shareholders the opportunity to evaluate the dilution implications and strategic direction of this Bitcoin-focused initiative. This shareholder vote represents a critical milestone in Metaplanet’s corporate governance process and will determine whether the company can proceed with its ambitious cryptocurrency treasury expansion plans.

Metaplanet’s move represents a significant development in the convergence of traditional finance and cryptocurrency markets. By using established financial instruments like preferred shares to fund Bitcoin acquisitions, the company is creating a bridge between conventional investment structures and digital asset strategies. This approach may set a precedent for other publicly traded companies considering similar treasury diversification into cryptocurrency assets.

The Tokyo Stock Exchange-listed firm’s persistent focus on Bitcoin treasury strategy highlights the growing acceptance of cryptocurrency as a legitimate asset class within traditional corporate finance. Metaplanet’s methodical approach—using regulated financial markets and standardized corporate governance procedures—demonstrates how established companies can systematically integrate cryptocurrency exposure into their balance sheets while maintaining regulatory compliance and shareholder transparency.

As the December 2025 shareholder meeting approaches, market observers will be watching closely to see how traditional investors respond to this innovative financial structure. The success or failure of Metaplanet’s capital raise could influence how other publicly traded companies approach cryptocurrency treasury management and whether preferred share offerings become a standard vehicle for funding digital asset acquisitions in the traditional finance space.