Metaplanet Embarks on Major Bitcoin Acquisition Strategy Through New Capital Initiative

Japanese investment firm Metaplanet is significantly expanding its commitment to Bitcoin, announcing a substantial capital raise of 21.25 billion yen. Despite shares declining 7.75% to 357 yen in Friday's trading session, this movement reflects a carefully orchestrated strategic financing plan rather than market skepticism.

The company is issuing 23.61 million Class B preferred shares under the designation "MERCURY," priced at 900 yen per share—significantly above the current trading level. This approach specifically targets institutional investors while avoiding immediate dilution for existing shareholders.

Key transaction details:
* Gross proceeds: 21.25 billion yen (approximately $135 million)
* Estimated net proceeds: 20.41 billion yen
* Bitcoin allocation: Roughly 15 billion yen designated for direct Bitcoin purchases
* Dividend yield: Fixed annual payout of 4.9%
* Conversion price: Set at 1,000 yen, representing a 180% premium to current levels

Final approval is scheduled for December 22nd at an extraordinary general meeting, with payment execution planned for December 29th, 2025.

Concurrent Restructuring of EVO Fund Agreements

Parallel to the capital initiative, Metaplanet is restructuring its financial arrangements with the EVO Fund. The company will acquire and cancel all remaining stock options from Series 20, 21, and 22 effective December 8th. Replacement option series include:

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

• Series 23: 1.05 million units with an exercise price of 637 yen
• Series 24: 1.05 million units with an exercise price of 777 yen

This refinancing operation aims to optimize the capital structure and enhance funding accessibility for the company's "BTC First" strategic direction.

Emerging Asian Counterpart to MicroStrategy

Through this financial engineering, Metaplanet establishes itself as a potential Asian equivalent to MicroStrategy. The company is effectively utilizing fixed-cost capital (4.9%) to acquire Bitcoin, implementing a classic carry trade strategy.

The "MERCURY" designation—representing "Metaplanet Convertible for Return & Yield"—signals a sophisticated capital markets approach. The substantial gap between the preferred share issuance price (900 yen) and ordinary share price (357 yen) suggests management considers current valuation levels significantly undervalued.

Critical Approval Timeline

December 22nd emerges as the decisive date, with shareholder approval required at the extraordinary general meeting. While authorization is considered probable, any opposition could jeopardize the entire 21.25 billion yen financing package.

From a technical perspective, shares are testing support around the 350 yen level. Successful defense of this zone, combined with completion of the Mercury financing round on December 29th, could potentially catalyze a valuation reassessment in 2026.