Bitcoin Updates: Metaplanet's Dual Shares Combine Earnings with Bitcoin Growth Potential

Metaplanet Inc., listed on the Tokyo Stock Exchange, plans to secure as much as ¥21.2 billion (approximately $135 million) by issuing new Class B perpetual preferred shares. This initiative is intended to boost its

acquisition efforts and reinforce its financial foundation. The share offering, , involves the release of 23.61 million shares at a price of ¥900 each. The raised capital will be used for Bitcoin investments, settling debts, and supporting infrastructure projects. Named "MERCURY," these shares provide a fixed yearly dividend of 4.9% and can be converted into common shares at ¥1,000, with the potential for gains linked to Bitcoin’s market value.

This fundraising represents a significant milestone as Metaplanet shifts toward becoming a global Bitcoin treasury company. Since 2024, the firm has pivoted its business model to focus on accumulating Bitcoin, launching initiatives such as the "21 Million Plan" to grow its BTC reserves. The choice to issue Class B shares— —was motivated by the desire to bolster reserves during volatile markets and address a net asset value (NAV) that has fallen below one. This move also paves the way for future public offerings of Class B shares and fits into a larger restructuring plan, which includes canceling outstanding warrants and increasing the number of authorized shares .

The newly issued shares are part of a dual-layer preferred equity system introduced by Metaplanet. The top tier, "MARS," consists of Class A preferred shares with dividends that adjust in response to share price changes,

while preventing dilution for common shareholders. MERCURY, the subordinate Class B share, offers fixed dividends and a conversion option that could benefit from Bitcoin’s long-term growth. This two-tier approach —following MicroStrategy (MSTR) and Strive (ASSET)—to introduce a perpetual preferred equity scheme.

will be allocated, with about ¥15 billion ($95 million) dedicated to acquiring Bitcoin and the balance used for redeeming corporate bonds and supporting income-generating activities. This aligns with a growing trend of institutional involvement in corporate Bitcoin treasuries, as companies look to leverage the asset’s potential while managing liquidity concerns. , is working to strengthen its standing as one of Asia’s leading corporate holders of Bitcoin.

The share issuance awaits approval from shareholders at a meeting set for December 22, 2025.

will improve financial resilience, enable ongoing Bitcoin accumulation, and help drive expansion in both Japanese and international markets. As Bitcoin’s value continues to fluctuate amid global economic uncertainty, Metaplanet’s fundraising approach highlights the growing convergence of traditional finance and crypto-focused business strategies.