Metaplanet Doubles Down on Bitcoin with Major Capital Raise

In a bold strategic move that solidifies its position as Asia's counterpart to MicroStrategy, Metaplanet has announced plans to raise ¥21.2 billion (approximately $135 million) through a preferred share issuance. The Japanese company confirmed Friday that proceeds will be exclusively dedicated to accelerating its Bitcoin acquisition strategy, signaling an aggressive expansion of its cryptocurrency reserves.

Market confidence in Metaplanet's approach appears to be growing, with recent regulatory filings revealing significant institutional backing. Fidelity International substantially increased its stake during the third quarter of 2025, purchasing an additional 3 million shares. This follows earlier position-building by its subsidiary NFS, indicating strong institutional endorsement of Metaplanet's hybrid business model that combines traditional operations with strategic digital asset accumulation.

Mercury Initiative: Funding the Bitcoin Reserve

The capital raise will be executed through the issuance of 23.61 million Class B preferred shares, branded as the "Mercury" initiative, priced at ¥900 per share. These securities will be primarily allocated to the EVO FUND through a third-party allotment, pending shareholder approval at an extraordinary general meeting scheduled for December 22, 2025.

This financing strategy includes comprehensive refinancing measures, with older subscription rights being retired and replaced by new series to optimize the company's capital structure while minimizing dilution effects. The Mercury shares also feature a 4.9% dividend and conversion options exercisable at ¥1,000, creating additional investor incentives.

Should investors sell immediately? Or is it worth buying Metaplanet?

Hedging Against Economic Uncertainty

Metaplanet's aggressive Bitcoin accumulation represents more than speculative positioning—it serves as a strategic hedge against macroeconomic concerns. Company leadership views the cryptocurrency as essential protection against yen depreciation and mounting government debt, transforming Bitcoin from an alternative investment into a core treasury reserve asset.

Technical Position and Market Outlook

From a technical perspective, Metaplanet shares are currently consolidating following earlier parabolic gains. The ¥350 level has emerged as critical support, while bulls must overcome resistance at ¥400 to resume the broader upward trend. With the December shareholder meeting looming, market participants anticipate continued volatility as the company seeks to formalize its expanded digital asset strategy.

The Mercury initiative represents a doubling down on Metaplanet's Bitcoin thesis, potentially positioning the company to benefit significantly should institutional adoption of cryptocurrency continue to accelerate.