Metaplanet Raises $135M Through Preferred Stock to Fund Bitcoin Holdings

TL;DR

• Metaplanet launches $135 million international capital raise.
• Company reinforces Bitcoin as hedge against economic instability.
• Class B shares offer dividends and common stock conversion.

Metaplanet announces a new international capital raise designed to expand its Bitcoin-based treasury model. The company issues a new class of Class B Preferred Shares aimed at overseas investors, seeking to gather ¥21.249 billion (≈ $135 million). The board approved the plan on November 20, 2025, and will present it to shareholders on December 22 during an Extraordinary General Meeting.

Bitcoin remains the core asset in the company’s balance-sheet approach. Metaplanet argues that BTC protects against monetary erosion, inflation pressure, and instability in sovereign debt markets. As global interest rates rise and traditional safe assets lose reliability, the firm reinforces BTC as a store of value for the shifting economic environment.

*Notice Regarding Issuance of Class B Preferred Shares through Third-Party Allotment* pic.twitter.com/AmzR3wJtzd

— Metaplanet Inc. (@Metaplanet) November 20, 2025

BTC Remains the Center of Metaplanet’s Corporate Vision

Since 2024, Metaplanet increases its BTC reserves through multiple funding rounds and integrates Bitcoin as a defining element of its identity. Market volatility affects equity prices, yet the company continues its approach by prioritizing consistent BTC accumulation. The new structure reinforces that plan while protecting common shareholders from unnecessary dilution through a balance between capital efficiency and treasury expansion.

Structure and Purpose of Class B Preferred Shares

The company proceeds with an overseas allotment of 23.61 million Class B Preferred Shares, each priced at ¥900, to raise ¥21.249 billion (~$135 million) on December 29, 2025.

Class B shares carry no voting rights, although investors receive several advantages:

• Dividend payments tied to a notional ¥1,000 reference price
  
• Conversion rights to common shares under predefined terms
  
• Cash redemption rights if the shares remain unlisted on the Tokyo Stock Exchange by late December 2026
  
• Additional redemption triggers in cases involving corporate reorganization or delisting
  
• Share acquisition provisions that allow Metaplanet to repurchase Class B shares when certain price conditions apply, supporting long-term liquidity
  

Metaplanet also streamlines previous financing tools by cancelling the 20th–22nd series of stock acquisition rights and replacing them with the 23rd and 24th series, allocated to EVO FUND, under regulatory procedures defined by Japan’s Financial Instruments and Exchange Act.