Overview
- Metaplanet will issue 23.61 million Class B perpetual preferred shares at ¥900 to raise about ¥21.249 billion ($135–150 million), with the issuance targeted for Dec. 29 after an Extraordinary General Meeting on Dec. 22.
- The company’s TDnet filing allocates $119 million of the proceeds to Bitcoin-related uses—$107 million for BTC purchases and $12 million for options trading—contrasting with separate statements that frame the raise as entirely for Bitcoin accumulation.
- The new capital stack introduces senior Class A “MARS” preferreds with an adjustable dividend and no conversion rights and junior Class B “Mercury” with a fixed 4.9% dividend, a ¥1,000 liquidation preference and a ¥1,000 conversion reference price.
- Metaplanet cites trading below its Bitcoin net asset value as a reason to favor preferred equity to limit immediate dilution, while it continues income strategies such as selling options against its BTC and utilizing BTC-backed credit.
- The Tokyo-listed firm reports holdings of 30,823 BTC, and the offering was arranged by Goldman Sachs Japan and Cantor Fitzgerald, with reported participation from Capital Group’s SMALLCAP World Fund.