In brief
- Japanese investment firm Metaplanet has filed to raise $3.7 billion through preferred shares to fund Bitcoin purchases toward 210,000 BTC goal by 2027.
- The proposed offering represents 75% of its current market cap and requires shareholder approval on September 1.
- Metaplanet cautioned that no specific issuance plan exists yet, with Bitcoin trading rangebound amid institutional accumulation.
Metaplanet announced Friday it has filed to raise $3.7 billion (¥555 billion) through a massive stock offering to fund one of Asia’s largest corporate Bitcoin accumulation strategies.
The Tokyo-listed investment firm filed a shelf registration effective from August 9, 2025 until August 8, 2027, allowing it to issue securities in portions when market conditions align.
The proposed raise represents approximately 75% of Metaplanet’s current market capitalization of $4.9 billion (729.45 billion yen).
“The Company intends to actively pursue equity financing as part of its ‘Bitcoin Strategy,'” Metaplanet said in the filing. “We believe that introducing Bitcoin-backed preferred shares represents a pioneering effort to fill this gap.”
This capital-raising effort supports Metaplanet’s previously announced goal of accumulating 210,000 BTC by the end of 2027, a target that would require the company to increase its current holdings more than twelvefold.
The company currently holds 17,132 BTC worth over $1.97 billion at a price of $114,396, following its most recent purchase of 780 BTC on July 28.
The proposal involves establishing two new classes of perpetual preferred shares, Class A and Class B, each with potential issuance values of $1.9 billion (277.5 billion yen).
These shares would offer dividend payouts up to 6% annually, taking priority over common shareholders, with all proceeds earmarked specifically for Bitcoin acquisitions.
However, the company cautioned that “no specific plan for the issuance of the Preferred Shares is currently in progress, and it is uncertain whether such issuance will take place.”
The proposal also requires increasing authorized shares from 1.61 billion to 2.723 billion, which shareholders will vote on at an Extraordinary General Meeting scheduled for September 1.
The Bitcoin treasury strategy
Metaplanet’s approach follows that of Strategy, the largest corporate Bitcoin treasury, which earlier this week secured $2.5 billion by issuing STRC, a perpetual preferred stock designed to pay a floating monthly dividend starting at 9%.
Bitcoin is trading at a price of $115,869, down 2% in the last 24 hours, according to CoinGecko.
Despite current market conditions, QCP Capital shared in its latest report that “ongoing accumulation efforts” by companies like Startegy demonstrate “long-term conviction.”
However, the firm cautioned that price action failing to respond to positive headlines represents “textbook late-cycle behaviour.”
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