Metaplanet raises $135M through Class B shares to expand its Bitcoin treasury and fund income-focused BTC strategies.
Metaplanet, often called “Asia’s MicroStrategy,” is moving aggressively to grow its Bitcoin holdings.
The Japanese firm announced plans to raise ¥21.249 billion (around $135 million) via Class B preferred shares. The capital will be used primarily to buy more Bitcoin and support income-generating strategies tied to the cryptocurrency.
Metaplanet’s $135 Million Bitcoin Strategy
The company intends to allocate nearly ¥15 billion (approximately $95 million) to direct Bitcoin purchases. The remaining funds will go toward income-focused Bitcoin strategies and redeeming some corporate bonds.
Metaplanet currently holds 30,823 Bitcoin, valued at roughly $2.8 billion, making it the world’s fourth-largest corporate Bitcoin holder.
By raising more capital, the firm aims to reinforce Bitcoin’s role in its balance sheet as a hedge against inflation and monetary instability.
How the Class B Preferred Shares Work
Metaplanet’s new Class B shares, named MERCURY, are designed for overseas investors. These shares do not carry voting rights but include several financial advantages for investors:
Dividend payments are calculated using a notional ¥1,000 per share and investors have an option to convert Class B shares into common stock at predefined pricing.
Investors also get cash redemption rights if the shares are not listed on the Tokyo Stock
Exchange by late 2026 and additional redemption triggers in case of corporate restructuring or delisting.The overseas allotment will create 23.61 million Class B shares, priced at ¥900 per share and the scheduled issue date is December 29.
Strengthening the Bitcoin Treasury Model
Since last year, Metaplanet has positioned itself as a Bitcoin treasury company. The strategy involves allocating reserves toward Bitcoin through multiple capital raises.
This approach has become a defining part of the firm’s identity, even as market volatility occasionally affects valuations.
The latest capital plan seeks to balance treasury expansion with protecting common shareholders from unnecessary dilution. The company calls this approach “capital efficiency with treasury expansion.”
Refinancing and Regulatory Steps
Alongside the new preferred share issuance, Metaplanet plans to simplify previous financing instruments. The 20th–22nd series of stock acquisition rights will be cancelled and replaced with the 23rd and 24th series through an allotment to EVO FUND.
These actions are part of a larger refinancing plan designed to make sure of regulatory compliance under Japan’s Financial Instruments and Exchange Act. The company is aligning these steps with its Bitcoin strategy and shareholder interests.
Metaplanet expects the new capital initiative to attract more international investors. By issuing Class B shares, the company is attempting to provide a clear pathway for overseas participation in its Bitcoin treasury model.
The funds raised will support future Bitcoin purchases in a disciplined way.
Related Reading: Metaplanet Goes All-In on Bitcoin with $500M Credit Line
Market Context
Institutional adoption of Bitcoin is growing, especially in Asia. Companies like Metaplanet are adopting strategies seen in the US, where MicroStrategy has famously built a large Bitcoin treasury.
Competitors have also increased their holdings. For instance, Strategy recently purchased 8,178 BTC (around $836 million),.
Metaplanet’s approach shows a change in corporate treasury management. Companies are increasingly seeing Bitcoin as part of a diversified strategy and are accumulating billions worth of the cryptocurrency.