Metaplanet Doubles Down on Bitcoin Strategy Amid Market Skepticism

Japanese investment firm Metaplanet is making an aggressive move to expand its Bitcoin holdings, announcing a major capital initiative despite reporting substantial unrealized losses on its current cryptocurrency portfolio. The company’s unwavering commitment to Bitcoin accumulation raises fundamental questions about its strategic direction and risk tolerance in a volatile market.

Metaplanet’s board has authorized the issuance of Class B preferred shares, branded as “MERCURY,” targeting approximately $150 million (21.25 billion yen) in fresh capital. The allocation plan designates the majority—roughly $95 million—for direct Bitcoin purchases, signaling the company’s continued confidence in the digital asset despite current market conditions.

The financing structure reveals key details:
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