Metaplanet Raises $135M via Class B Shares to Buy Bitcoin

Metaplanet, a Tokyo-listed analytics firm, plans to raise approximately $135 million through a 23.61 million Class B perpetual preferred share offering at ¥900 ($5.71) per share. The non-voting Class B shares, dubbed “Mercury,” carry a fixed 4.9% annual dividend, paid quarterly, and convert into ordinary stock at ¥1,000 ($6.34) per share. Proceeds will fund additional Bitcoin acquisitions, boosting Metaplanet’s reserves beyond its current 30,823 BTC (valued at $2.82 billion). The company can redeem the shares if the trading price exceeds 130% of the liquidation preference for 20 business days, while holders have redemption rights if unlisted by December 29, 2026. This capital raise, modeled after MicroStrategy’s strategy, underscores Metaplanet’s bullish outlook on Bitcoin’s long-term returns despite a 15.2% unrealized loss on its holdings. The restructuring also cancels older warrants (Series 20–22) and issues new Series 23 and 24 to Evo Fund, aligning incentives in the evolving crypto market.