Metaplanet Announces Capital Raise with Class B Shares for $135M

TLDR

• Metaplanet’s board approved a new capital plan on November 20, 2025, to raise $135 million through Class B Preferred Shares.
• The company continues to prioritize Bitcoin as the foundation of its long-term balance-sheet strategy.
• The issuance of Class B shares is scheduled for December 29, 2025, and will result in the issuance of 23.61 million shares priced at ¥900 each.
• Class B shareholders will not have voting rights but will receive dividends and have the option to convert their shares into common stock.
• Metaplanet aims to balance capital efficiency with treasury expansion while protecting common shareholders from unnecessary dilution.

Metaplanet has announced a new capital plan, which will be presented to shareholders for approval at an Extraordinary General Meeting on December 22, 2025. The plan includes issuing Class B Preferred Shares to raise approximately ¥21.249 billion (roughly $135 million) through a third-party allotment. This decision was approved by the company’s board on November 20, 2025, with the issuance set for December 29, 2025.

BTC Remains the Core of Metaplanet’s Corporate Vision

Since 2024, Metaplanet has positioned itself as a Bitcoin-focused corporation, steadily increasing its BTC holdings through multiple capital raises. The company emphasizes Bitcoin as the foundation of its long-term balance-sheet strategy. “Bitcoin offers superior protection against monetary debasement, inflation risk, and instability in sovereign debt markets,” Metaplanet stated in a recent release.

The company believes that Bitcoin is a more resilient store of value than traditional safe assets, especially amid rising global interest rates. While Bitcoin’s volatility continues to affect equity valuations of Bitcoin-focused companies, Metaplanet’s strategic focus remains on expanding its Bitcoin reserves. The company aims to protect its shareholders from unnecessary dilution while continuing its strategic BTC accumulation.

Capital Efficiency and Treasury Expansion

Metaplanet’s new capital plan seeks to balance capital efficiency with treasury expansion. The issuance of Class B Preferred Shares will help the company raise capital while avoiding excessive dilution of common shares. The company also plans to simplify its previous financing structures by replacing earlier stock acquisition rights with new series, with the latest series to be allotted to EVO FUND.

The Class B Preferred Shares, priced at ¥900 each, will be issued as part of an overseas third-party allotment. The new shares carry investor benefits, including dividend payments based on a notional ¥ 1,000-per-share reference. Class B shareholders will also be able to convert their shares into common stock under predefined pricing terms.

Metaplanet expects the new capital strategy to broaden international investor participation. The company is preparing for more profound market price discovery and anticipates long-term listing opportunities. Metaplanet aims to continue its disciplined capital strategy to support future Bitcoin purchases without resorting to broad equity dilution.

The issuance of Class B shares is expected to strengthen Metaplanet’s treasury model and provide the company with a more stable financial foundation.

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