Metaplanet, a Japanese Bitcoin investment company, has unveiled one of the largest financing plans for digital assets. The firm filed a shelf registration with the Japanese government on 1 August to raise as much as 555 billion Japanese yen (about $3.6 billion).
The company plans to purchase 210,000 Bitcoins by 2027 using proceeds of a perpetual preferred stock issuance over a period of two years.
This strategy will increase the company’s current Bitcoin holdings by more than 13 times. It would make the Tokyo listed firm one of the second largest corporate Bitcoin holders, behind MicroStrategy.
*Metaplanet Announces EGM agenda: Proposes Authorization of Permanent Preferred Stock – Class A (Senior Non-Convertible and Class B Convertible); Files Y=555 billion Shelf Registration for Possible Issuance*
Share structure changes target diverse investor demand
Metaplanet proposed amending its shares to 2,72 billion, and creating two classes of perpetual preferential stock.
Class A shares function as corporate bonds and offer dividends of up to 6 percent with liquidation prioritization, while class B shares include the right to convert into common stock through put options. No class has voting rights.
A social media posting confirmed that the company’s plans would be voted on at the Extraordinary General Meeting (EGM), scheduled to take place on September 1.
Shelf registration will run from 9 August 2025 to 8 August 2027. No issuances can take place until shareholder approval is received and the regulatory clearance has been granted.
The trading activity grew along with these changes. Metaplanet recorded a turnover of 1.86 trillion Japanese yen (12.65 billion dollars) in June. This was almost twice the amount that May saw, which was 997.6 million yen.
Investors seeking Bitcoin exposure in the face of declining Japanese bonds values have driven up shares by more than 345%.
The Bitcoin accumulation will accelerate in 2025
Metaplanet has seen its Bitcoin holdings grow rapidly since December 2024 when it made Bitcoin part of the company’s official business. The company had less than 4,000 BTC in March. In July, the company’s reserves had reached 17,132 BTC worth approximately $2 billion.
By July 18, the company had reported an annual return of 430.2 percent and a yield of 129.4 percent for Q2 of 2025 BTC. The company’s pace of acquisition increased in July with the purchase of two large amounts: 2,205 BTC for $238.7 millions on July 7, and 780 BTC for $92.93million on July 28, at an average cost per coin $119.136.
Treasury strategy and its impact on the market
Metaplanet has been able to surpass companies like Sony and Toyota in the June market thanks to its strategy. The interest of institutional investors has also increased, as Japan’s 30-year Government Bonds have dropped 45% in value since 2019.
After extensive stock purchase rights were used to fund purchases, the company now has a fully diluted total of 866,000,000 shares.
The perpetual preferred shares structure was designed to limit further dilution. It is intended for different types of investors: Class A, for participants who are primarily interested in income, and class B, for those looking for equity linked upside.
Bitcoin Reserves Targeted by 2027
Metaplanet is still pursuing its goal of 210,000 BTC in 2027, despite market uncertainty. This would be less than MicroStrategy’s 597,325 BTC but would increase Japan’s exposure to cryptocurrency.
Other legal challenges have highlighted the risks. MicroStrategy is facing a New York class-action lawsuit from Pomerantz LLP for alleged misrepresentation about its Bitcoin investment strategy.
Metaplanet could reduce its reliance on share sales that dilute the value of shares by using perpetual preferred stocks. This would appeal to conservative investors as well as risk seekers.
It will help the company to strengthen its position in Asia as an investment proxy that is able to invest Bitcoin.
The post Metaplanet Files $3.69 Billion Stock Plan to Fund 210,000 Bitcoin Target by 2027 can be updated as new information becomes available.
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