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12h ago

Metaplanet Files for ¥555 Billion Preferred Shares to Fund Bitcoin Purchases

If approved on September 1, the offering would let the company issue two classes of perpetual preferred stock to support its goal of building a 210,000-BTC treasury by 2027.

Metaplanet
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Metaplanet files $3.7b shelf registration to fund more bitcoin buys
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Overview

  • The shelf registration covers 555 billion yen in Class A non-convertible and Class B convertible perpetual preferred shares, each tranche valued at 277.5 billion yen.
  • The proposed issuance would expand authorized shares from 1.61 billion to 2.723 billion under an Extraordinary General Meeting mandate.
  • Proceeds are earmarked exclusively for Bitcoin acquisitions as the company recently added 780 BTC on July 28 to bring its holdings to 17,132 coins.
  • The capital raise represents roughly 75 percent of Metaplanet’s current market capitalization, a move that prompted a more than 7 percent drop in its share price.
  • Metaplanet warned that no specific issuance is scheduled and that deployment of preferred shares hinges on market conditions and regulatory approvals.