Metaplanet to Issue ¥555B Preferred Shares for Bitcoin
Metaplanet has filed to issue ¥555 billion (US$3.73 billion) of perpetual preferred shares to fund a 210,000 BTC Bitcoin treasury by 2027. The shares, paying up to a 6% fixed dividend, will be subject to approval at an Extraordinary General Meeting. The firm currently holds 17,132 BTC—surpassing Tesla and Galaxy Digital—and aims to make Bitcoin its core asset and inflation hedge. Metaplanet’s stock has jumped 345% year-to-date on strong Bitcoin demand, though share dilution fears triggered a 7% drop post-announcement. The preferred shares provide stable, non-dilutive financing but carry risks from Bitcoin’s price volatility, Japanese regulatory uncertainty, market liquidity for large holdings and ongoing dividend obligations. CEO Simon Gerovich says the strategy positions the company as a corporate Bitcoin pioneer and could spur wider adoption and clearer crypto regulations in Japan.
Bullish
Metaplanet’s planned acquisition of up to 210,000 BTC, funded via stable perpetual preferred shares, signals robust institutional demand for Bitcoin. This could reduce available supply and pressure price upward in the short term as accumulation tone intensifies. Over the long term, successful execution may encourage other corporations to adopt Bitcoin, further bolstering demand and market stability. However, price volatility, regulatory uncertainty in Japan, and liquidity challenges for large holdings could create intermittent sell-side pressures. Overall, the net impact is bullish for Bitcoin.