Metaplanet Embraces Bold Bitcoin Strategy with Major Capital Raise

In a decisive move that solidifies its standing as Asia's counterpart to MicroStrategy, Metaplanet has announced a substantial capital initiative aimed at expanding its Bitcoin holdings. Rather than retreating from cryptocurrency market fluctuations, the Tokyo-based firm is aggressively pursuing additional exposure to the digital asset through a novel fundraising approach.

The company's board has approved the issuance of new Class B preferred shares, designated "MERCURY," targeting international institutional investors specifically. This financial instrument is designed to raise approximately ¥21.2 billion (about $135 million), signaling Metaplanet's conviction to capitalize on current Bitcoin price levels rather than consolidate its position.

Market response was immediately positive, with shares surging nearly 11% to ¥375 on the Tokyo exchange. The stock successfully maintained support above ¥360, breaking clear of recent lows as investors welcomed the announcement.

Hybrid Investment Structure

Metaplanet has engineered a sophisticated financial vehicle to attract capital, combining fixed income characteristics with equity conversion potential:

• Fixed Yield Component: Investors will receive a guaranteed annual dividend payout of 4.9%
• Conversion Feature: The preferred shares include an option to convert into common stock at an exercise price of ¥1,000 per share
• Balanced Exposure: This structure provides ongoing income while maintaining participation in the company's potential upside, which is closely tied to Bitcoin performance

Proceeds will be allocated primarily toward Bitcoin acquisition, with approximately ¥15 billion of net earnings directed to expanding the company's digital asset treasury. Remaining capital will address outstanding corporate bond obligations.

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

Corporate Transformation Accelerates

This capital raise represents a significant evolution in Metaplanet's financial strategy. The company is simultaneously retiring existing stock acquisition rights to streamline its capital structure, further cementing its transition from its origins in hotel and real estate operations to a dedicated Bitcoin treasury vehicle.

The scale of Metaplanet's Bitcoin commitment has reached substantial proportions. Reports indicate the firm held approximately 30,823 BTC by the end of 2025, with a market value approaching $2.8 billion. This positions Metaplanet as the world's fourth-largest corporate Bitcoin holder, a standing that appears to be strengthening under the leadership of CEO Simon Gerovich, who views Bitcoin's current trading range between $89,000 and $93,000 as a strategic accumulation zone rather than a cautionary signal.

Shareholder Approval Pending

Investors continue to navigate volatile conditions as Metaplanet's share price remains closely correlated with cryptocurrency market movements. Attention now turns to the extraordinary general meeting scheduled for December 22, where shareholder approval for the initiative is required.

Should Bitcoin reclaim the $95,000 threshold, the fresh liquidity from Metaplanet's capital raise could potentially fuel renewed momentum for the stock. The company's management has positioned this move as a decisive commitment to their Bitcoin-focused strategy, leaving investors to evaluate whether to participate in this ambitious approach to corporate treasury management.