The proposal, which requires approval at an upcoming shareholder meeting, has fueled speculation that the Japanese investment firm is preparing another major Bitcoin purchase.
The timing comes shortly after Metaplanet’s latest buy of 780 BTC, lifting its total stash to more than 17,000 coins worth about $1.7 billion. The company has repeatedly signaled that these moves are just the beginning, with a long-term target of building a 210,000-BTC treasury by 2027.
Market reaction has been mixed. Shares in Metaplanet slid more than 7% on the announcement, though the stock remains up sharply over the past six months. Investors appear divided between short-term caution and long-term enthusiasm for the firm’s Bitcoin-first vision.
Perpetual preferred shares offer a permanent source of capital and fixed dividends, making them attractive to income-seeking investors while limiting dilution of common stock. By using this structure, Metaplanet aims to secure reliable funding streams without tying its expansion to volatile operating revenues.
Already holding more Bitcoin than Tesla and Galaxy Digital, Metaplanet’s latest proposal underscores its determination to be seen not just as a participant in the crypto market, but as one of its most aggressive corporate champions.
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