Bitcoin Strategy Intensifies As Metaplanet Seeks $135M

Little known outside Japan, Metaplanet now intends to play in the big leagues. With an aggressive bitcoin accumulation strategy, this Tokyo-listed company is about to raise 135 million dollars to further strengthen its treasury in BTC. A bold initiative that confirms the growing place of bitcoin in the financial strategies of listed companies, and further fuels the parallel with Strategy.

A tailored fundraising to support an ambitious Bitcoin strategy

While the company has just reached the top 5 public Bitcoin treasuries, Metaplanet plans to raise 21.2 billion yen (about 135 million dollars) through the issuance of 23.6 million perpetual Class B preferred shares according to an official document submitted to the Tokyo Stock Exchange, at a unit price of 900 yen (about 5.71 dollars).

This fundraising, which must still be approved at an extraordinary general meeting on December 22, 2025, will be conducted with foreign investors via a private placement. The stated goal is to reinforce the treasury strategy focused on bitcoin without resorting to traditional borrowing.

Metaplanet CEO Simon Gerovich confirmed this intention in a post on X : “a new step in the rise of Metaplanet’s Bitcoin treasury strategy”.

From a technical point of view, these Class B shares have several specific characteristics :

• A fixed dividend of 4.9 % per year, calculated on a notional value of $6.34, or approximately $0.078 per quarter ;

• Possible conversion into common shares at a price of $6.34, but without voting rights ;

• Holdings come with redemption rights under certain conditions, providing flexibility to holders ;

• An callable option activated by Metaplanet if the share price exceeds 130 % of the liquidation value for 20 consecutive days.

The market reaction was immediate. On the day of the announcement, Metaplanet shares closed up 3.2 %, although they still recorded a drop of more than 60 % over the past six months. This operation illustrates a strategic choice assumed, where development financing is done through hybrid capital tools rather than conventional debt.

The Mercury program : an expansion strategy despite latent losses

Alongside this fundraising, Metaplanet is restructuring its existing financial instruments. The company plans to cancel its 20^th to 22^nd warrants and create a new series (23^rd and 24^th), assigned to the Evo Fund based in the Cayman Islands, subject to regulatory approval.

This reorganization, which accompanies the implementation of the Mercury program, aims to strengthen the flexibility of capital financing while pursuing the company’s Bitcoin treasury expansion strategy.

Moreover, Metaplanet currently holds 30,823 BTC, making it the fourth largest public bitcoin holder in the world. However, its exposure is currently in the red, with a latent loss of -15.17%, linked to an average purchase price of $108,036 per BTC.

The company’s strategy raises questions, especially in a context where the Tokyo Stock Exchange is considering strengthening oversight of companies heavily exposed to cryptos, following the crash of the DAT token that already shook the Japanese market earlier this year.

This insistence on strengthening an already deficient position demonstrates a long-term committed positioning on bitcoin. However, it could also expose Metaplanet to increased volatility, both financially and regulatorily. Like Strategy by Michael Saylor, Metaplanet seems to bet on a future appreciation of BTC to validate its strategy.

With this fundraising, Metaplanet pursues a clear strategy: to transform its treasury into a bitcoin reserve. The stated goal is ambitious: Metaplanet aims for 100,000 Bitcoins by 2026, thus confirming its ambition to establish itself as a major institutional player in the crypto market.