Japanese Bitcoin investment firm Metaplanet has set out one of the most ambitious financing plans in the digital asset sector, filing a shelf registration on August 1 to raise up to 555 billion yen ($3.6 billion). The company intends to use proceeds from a two-year issuance of perpetual preferred stock to fund its acquisition of 210,000 Bitcoin by 2027. The strategy would increase its current holdings more than thirteen times, positioning the Tokyo-listed company as one of the largest corporate holders of Bitcoin, second only to MicroStrategy. Metaplanet Inc. @Metaplanet_JP · Follow *Metaplanet Announces EGM Agenda: Proposes Authorization of Perpetual Preferred Stock—Class A (Senior, Non-Convertible) and Class B (Convertible); Files ¥555 Billion Shelf Registration for Potential Issuance* 12:39 PM · Aug 1, 2025 291 Reply Copy link Read 16 replies Share structure changes target diverse investor demand Metaplanet has proposed amendments to increase its authorised shares to 2.72 billion and create two classes of perpetual preferred stock. Class A shares would function like corporate bonds, offering dividend rates of up to 6% and liquidation priority, while Class B shares would include conversion rights into common stock via put options. Neither class carries voting rights. The company announced its plans via a social media post, confirming that the extraordinary general meeting (EGM) scheduled for September 1 will vote on the changes. The shelf registration runs from August 9, 2025, to August 8, 2027, and no issuance will take place without shareholder approval and regulatory clearance. Trading activity has surged alongside these developments. In June, Metaplanet’s stock recorded 1.86 trillion yen ($12.65 billion) in turnover, almost double May’s 997.6 billion yen. The company’s shares have climbed more than 345% year-to-date, fuelled by investors seeking Bitcoin exposure amid declining Japanese bond values. Bitcoin accumulation accelerates in 2025 Metaplanet made Bitcoin an official part of its business in December 2024, and its holdings have expanded rapidly. In March, the company held fewer than 4,000 BTC. By July, its reserves reached 17,132 BTC, worth about $2 billion. The company reported a Q2 2025 BTC Yield of 129.4% and a year-to-date return of 430.2% by July 18. Its acquisition pace quickened in July, with two major purchases: 2,205 BTC on July 7 for $238.7 million, and 780 BTC on July 28 for $92.93 million at an average price of $119,136 per coin. Market impact of treasury strategy Metaplanet’s strategy has pushed it into the top five most traded stocks on Tokyo’s prime market since late 2024, surpassing companies such as Toyota and Sony in June. Institutional investors have also taken interest, with Japan’s 30-year government bonds dropping 45% since 2019. The company’s fully diluted share count now exceeds 866 million, after extensive use of stock acquisition rights to finance purchases. To limit further dilution, the perpetual preferred share structure is designed to attract different investor groups—Class A for income-focused participants, and Class B for those seeking equity-linked upside. Bitcoin reserves target by 2027 Despite market doubts, Metaplanet continues to pursue its target of 210,000 BTC by 2027. While this would fall short of MicroStrategy’s current 597,325 BTC, it would significantly increase Japan’s corporate exposure to the cryptocurrency. Legal challenges elsewhere have underscored the risks, with MicroStrategy facing a class action lawsuit in New York from Pomerantz LLP over alleged misrepresentation of its Bitcoin investment strategy. Metaplanet’s use of perpetual preferred stock could help reduce reliance on dilutive share sales, while appealing to both conservative and risk-seeking investors. If successful, it will strengthen the company’s position as a leading proxy for Bitcoin investment in Asia’s capital markets. The post Metaplanet files $3.69 billion stock plan to fund 210,000-Bitcoin target by 2027 appeared first on Invezz
