Overview

• The shelf registration covers issuance of two perpetual preferred share classes—each valued at ¥277.5 billion—that would fund Bitcoin purchases through August 8, 2027.
• Metaplanet currently holds 17,132 BTC worth about $1.97 billion after its most recent purchase of 780 BTC on July 28.
• Proceeds from the preferred shares will be earmarked solely for achieving its goal of at least 210,000 BTC by the end of 2027.
• The proposed offering equates to roughly 75% of its $4.9 billion market capitalization and aims to minimize dilution of common stock.
• The shelf registration allows flexible issuance based on market conditions, emulating MicroStrategy’s approach to corporate Bitcoin accumulation.