Metaplanet to Raise $135M for Bitcoin Treasury via Shares

Metaplanet capital raise: The Tokyo-listed firm plans a ¥21.2 billion ($135 million) capital raise via a third-party allotment of 23.6 million Class B perpetual preferred shares at ¥900 ($5.71) each. Dubbed “Mercury,” the non-voting shares carry a fixed 4.9% annual dividend on a $6.34 notional amount (≈$0.078 per quarter) and are convertible into common stock at the same price. Metaplanet capital raise includes a market-price call option if the stock trades above 130% of the liquidation preference for 20 consecutive sessions. The transaction, aimed at overseas investors and subject to shareholder approval on Dec. 22, 2025, forms part of a broader financing restructure. Metaplanet will cancel existing series 20–22 warrants and issue new series 23–24 rights to Cayman-based Evo Fund. CEO Simon Gerovich brands the program “Mercury.” Shares jumped 3.2% on the announcement but remain down over 60% in six months. Metaplanet’s treasury holds 30,823 BTC (≈$2.82 billion) at an average cost of $108,036 per coin, reflecting a 15% unrealized loss. Proceeds will bolster liquidity and signal continued commitment to its Bitcoin treasury strategy.