Metaplanet Pursues $135M Funding through New Class B Shares to Enhance Bitcoin Holdings

Metaplanet is gearing up for a significant capital increase by issuing new Class B perpetual preferred shares aimed at expanding its Bitcoin treasury strategy.

According to documents filed with the Tokyo Stock Exchange, the company plans to issue 23.6 million Class B shares at 900 yen ($5.71) each, totaling approximately 21.2 billion yen (about $135 million). This offering will occur through a third-party allotment for international investors, pending confirmation at a special shareholder meeting scheduled for December 22, 2025.

Key Features of New Class B Shares

The newly introduced Class B shares offer a fixed annual dividend of 4.9% on a $6.34 notional amount, which will equate to $0.078 per quarter after regular payments commence. Shareholders can convert these preferred shares into common stock at the conversion price of $6.34. However, the company holds a market-price call option that can be enacted if the stock price exceeds 130% of the liquidation preference for a span of 20 consecutive trading days. Although non-voting, these shares include specific redemption rights.

Corporate Restructuring

This capital augmentation aligns with a more extensive restructuring of Metaplanet’s financing mechanisms. The firm intends to cancel its existing stock acquisition rights (20th through 22nd series) and grant new 23rd and 24th series rights to the Cayman Islands-based investment fund Evo Fund, subject to regulatory consent.

In a communication on X, Metaplanet’s CEO Simon Gerovich introduced their new Class B perpetual preferred equity initiative, referred to as ‘Mercury’. Gerovich wrote, ‘4.9% fixed dividend. ¥1,000 conversion price. A new step in scaling Metaplanet’s Bitcoin treasury strategy.’

Market Performance

On the last trading day, Metaplanet shares increased by 3.20%, gaining 12 points; nevertheless, the company’s stock has declined over 60% in the past six months, as per Google Finance data.

Bitcoin Holdings

As the fourth-largest global firm in Bitcoin holdings, Metaplanet holds 30,823 BTC, approximately valued at $2.82 billion, according to BitcoinTreasuries.NET. This Bitcoin accumulated at an average purchase rate of $108,036 per BTC, places the company at a -15.17% unrealized loss, significantly down from highs observed in October.

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