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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.
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