Metaplanet Unveils $3.7 Billion Preferred Share Plan to Boost Bitcoin Treasury

Tokyo-listed Metaplanet announced that it will raise up to $3.7 billion through perpetual preferred share issuance through August 2027 to expand its Bitcoin holdings.

The company filed a shelf registration on August 1, 2025, with Japan’s Financial Services Agency and the Tokyo Stock Exchange, allowing it to issue preferred shares in multiple tranches between August 2025 and August 2027. Shareholder approval is required at an Extraordinary General Meeting scheduled for September 1, where investors will vote on authorizing two new classes of preferred stock. 

Metaplanet said proceeds will be used exclusively for Bitcoin purchases. Under the proposal, the company would establish Class A non-convertible preferred shares and Class B convertible preferred shares. Class A shares would carry a fixed dividend rate of up to 6% per annum, while Class B shares come with no fixed yield.

Class A shares target conservative investors seeking stable income, while Class B shares offer potential equity upside through conversion into common shares if Bitcoin and stock prices rise. The company also proposed increasing its authorized share capital from 1.61 billion to 2.723 billion shares to accommodate the new issuance.

As of late July, Metaplanet’s Bitcoin treasury stood at 17,132 BTC, valued at over $2 billion after its latest purchase of 780 BTC on July 28. The firm has spent approximately $1.7 billion on Bitcoin to date, acquiring coins at an average price of around $100,500 each.

The shelf registration framework offers Metaplanet flexibility to draw on equity markets under favorable conditions, enabling the gradual scaling of its Bitcoin accumulation. The perpetual nature of the preferred shares means there is no maturity obligation, helping the company manage liquidity and preserve capital for digital asset purchases.

The share issuance plan builds on earlier capital market activity under Metaplanet’s “555 Million Plan.” On June 25, the company issued 54 million shares through a stock acquisition rights exercise, raising $515 million, representing the first 10% of its total target, to fund bitcoin purchases.

Metaplanet pivoted from hotel operations to a Bitcoin treasury model in 2024, positioning itself among the world’s leading corporate BTC holders outside the United States. Since launching its treasury strategy, the firm’s holdings have surged from under 4,000 BTC in March 2025 to over 17,000 BTC by July.