Metaplanet plans to raise $135 million through the issuance of new Class B perpetual preferred shares as part of a broader restructuring tied to its Bitcoin treasury strategy.
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Metaplanet is preparing another major capital raise through the issuance of its new Class B perpetual preferred shares to expand its Bitcoin-focused treasury strategy.
According to filings to the Tokyo Stock Exchange, the firm plans to issue 23.6 million Class B shares at 900 yen ($5.71) each, bringing the total raise to 21.2 billion yen (roughly $135 million). The offering will be executed through a third-party allotment to overseas investors, pending approval at an extraordinary shareholder meeting set for Dec. 22, 2025.
The new Class B shares come with a fixed annual dividend of 4.9% on a $6.34 notional amount, translating to $0.078 per quarter once regular payments begin. Holders will have the right to convert the preferred shares into common stock at a $6.34 conversion price.
However, the company retains a market-price call option that can be exercised if the stock trades above 130% of the liquidation preference for 20 consecutive trading days. The shares are non-voting but carry redemption rights under specific events.
Related:
Metaplanet cancels old warrants
The capital raise is paired with a broader restructuring of Metaplanet’s financing instruments. The company plans to cancel its 20th through 22nd stock acquisition rights and issue new 23rd and 24th series rights to Cayman Islands–based investment fund Evo Fund, subject to regulatory approval.
In an accompanying post on X, Metaplanet CEO Simon Gerovich that the company’s new Class B perpetual preferred equity program is called Mercury.
“4.9% fixed dividend. ¥1,000 conversion price. A new step in scaling Metaplanet’s Bitcoin treasury strategy,” he wrote.
Metaplanet shares ended the day up by 3.20%, gaining 12 points. However, the company’s stock is down by over 60% over the past six months, according to data from Google Finance.
Related:
Metaplanet’s Bitcoin bet deep in the red
Metaplanet, the fourth-largest public company globally in Bitcoin () holdings, now holds 30,823 BTC, worth approximately $2.82 billion, according to BitcoinTreasuries.NET.
The company acquired its Bitcoin stash at an average purchase price of $108,036 per BTC, currently sitting on a -15.17% unrealized loss, .
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