Key Insights
- Metaplanet new preferred share sale aimed at boosting Bitcoin reserves.
- Class B shares offer dividends, conversion rights, and set terms.
- Plan forms part of Metaplanet’s wider treasury strategy.
Metaplanet has announced a plan on November 20, 2025 to raise about $150 million through a new preferred share offering.
As detailed, the company said the funds would help expand its Bitcoin holdings.
The sale would target overseas investors and needed shareholder approval at a meeting set for December 22.
Metaplanet said it planned to raise ¥21.249 billion, equal to about $135 million, through the sale of Class B Preferred Shares.
The company explained that the offering would support its long-term plan to hold more Bitcoin on its balance sheet.
Meanwhile, the board approved the proposal on November 20, 2025. The next step would be a vote at an Extraordinary General Meeting on December 22.
Notably, the company had presented the initiative through an image that showed its “Mercury” preferred equity product.
Essentially, the design linked the project to the firm’s push to secure future value with Bitcoin.
The firm said Bitcoin had become the main part of its treasury plan since 2024. Metaplanet had carried out several capital raises to buy more coins over time.
In addition, the strategy aimed to protect the company from rising global risks. The firm pointed to inflation concerns, pressure on sovereign debt markets, and higher interest rates around the world.
It said that these factors had weakened trust in assets traditionally viewed as safe. The company argued that Bitcoin could offer better long-term stability.
Likewise, the Class B shares carried no voting rights. The company added other features to give investors clear terms.
The shares included dividend payments based on a ¥1,000 reference price. They also offered a right to convert the preferred shares into common shares under set conditions.
Investors could request cash redemption if the Class B shares were not listed on the Tokyo Stock Exchange by late December 2026.
Extra redemption rights would apply if the firm faced a reorganization or a delisting event.
The plan aimed to support the firm’s capital needs while keeping dilution limited for existing common shareholders.
Share Structure and What Investors Would Receive
The offering covered 23.61 million Class B Preferred Shares priced at ¥900 per share. The issuance date was set for December 29, 2025.
Per the update, the company said the structure was designed to attract overseas investors and help fund future Bitcoin purchases.
Dividend terms were straightforward. The payout would rely on a notional price of ¥1,000 per share.
The conversion option gave investors a path to move into common shares later. Redemption rules gave investors an exit if listing conditions were not met on time.
Metaplanet added buyback rights that allowed it to acquire the Class B shares under certain price levels.
The aim was to support liquidity and reduce long-term pressure on the share price.
According to the image shared by the company, the idea of return and yield was highlighted through the “Mercury” name.
The share also linked the equity product to Bitcoin, which remained the central point of the company’s direction.
Refinancing Moves and Current Market Conditions
Metaplanet said it planned to cancel the 20th to 22nd series of stock acquisition rights.
New rights labeled the 23rd and 24th series would replace them through an allotment to EVO FUND. These steps formed part of a refinancing plan.
They would take effect only after approval under the Financial Instruments and Exchange Act.
Metaplanet’s share price stood at ¥387 at the time of writing, and its market value was pegged at 442.06 billion yen.
Metaplanet continued to present Bitcoin as its long-term base. The new raise showed that Metaplanet intended to keep building its position even with market swings and valuation changes.
Source: https://www.thecoinrepublic.com/2025/11/20/metaplanet-to-buy-more-bitcoin-with-150-million-equity-offering/
