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Thursday Nov 20 2025 14:10
2 min
Metaplanet is preparing for a substantial capital raise through the issuance of its new Class B perpetual preferred shares, aimed at scaling its Bitcoin-focused treasury strategy. According to filings submitted to the Tokyo Stock Exchange, the firm intends to issue 23.6 million Class B shares at a price of 900 yen ($5.71) each, culminating in a total raise of 21.2 billion yen (approximately $135 million). The offering will be executed via a third-party allotment to overseas investors, contingent upon approval at an extraordinary shareholder meeting scheduled for December 22, 2025.
The newly introduced Class B shares will offer a fixed annual dividend of 4.9% on a $6.34 notional amount, translating to $0.078 per quarter once regular payments commence. Holders will have the right to convert these preferred shares into common stock at a conversion price of $6.34.
However, the company retains a market-price call option that can be exercised if the stock trades above 130% of the liquidation preference for 20 consecutive trading days. While the shares are non-voting, they do carry redemption rights under specific circumstances.
This capital raise is accompanied by a broader restructuring of Metaplanet's financing instruments. The company plans to cancel its 20th through 22nd stock acquisition rights and issue new 23rd and 24th series rights to Cayman Islands-based investment fund, Evo Fund, pending regulatory approval. In a related post on X, Metaplanet CEO Simon Gerovich revealed that their new Class B perpetual preferred equity program is named Mercury.
“4.9% fixed dividend. ¥1,000 conversion price. A new step in scaling Metaplanet’s Bitcoin treasury strategy,” he wrote.
Metaplanet shares concluded the day with a 3.20% increase, gaining 12 points. However, the company's stock has decreased by over 60% in the past six months, according to data from Google Finance.
Metaplanet, recognized as the fourth-largest public company globally in Bitcoin (BTC) holdings, currently holds 30,823 BTC, valued at approximately $2.82 billion, according to BitcoinTreasuries.NET.
The company acquired its Bitcoin stash at an average purchase price of $108,036 per BTC and is presently facing a -15.17% unrealized loss, a significant decline from October's peak values.
Risk Warning: this article represents only the author’s views and is for reference only. It does not constitute investment advice or financial guidance, nor does it represent the stance of the Markets.com platform.When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice. Trading cryptocurrency CFDs and spread bets is restricted for all UK retail clients.
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