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yesterday

Metaplanet Files Shelf Registration to Issue ¥555 Billion in Bitcoin-Backed Preferred Shares

The move opens a two-year window for a ¥555 billion raise ahead of a September 1 vote to boost Metaplanet’s Bitcoin holdings toward its 210,000-BTC target.

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

  • The Tokyo-listed firm’s shelf registration, effective August 9, 2025 through August 8, 2027, covers two perpetual preferred share classes—non-convertible Class A and convertible Class B—each valued at ¥277.5 billion.
  • Proceeds will fund Bitcoin purchases in support of Metaplanet’s goal to grow its treasury from about 17,132 BTC to 210,000 BTC by the end of 2027.
  • The preferred structure offers fixed dividends of up to 6% and priority claims over common equity to raise capital while limiting dilution for ordinary shareholders.
  • Shareholders must approve an increase in authorized shares from 1.61 billion to 2.723 billion at an Extraordinary General Meeting scheduled for September 1, 2025, to enable the issuance.
  • Metaplanet’s shares dropped over 7% on the filing but remain significantly higher year-to-date as investor appetite for corporate Bitcoin strategies continues to grow.