Metaplanet to Build 210,000 BTC Treasury by 2027 Using New Equity Instruments
Metaplanet’s board approved an equity-linked financing plan to grow its Bitcoin treasury to 210,000 BTC by the end of 2027. Shareholders unanimously backed proposals to issue two classes of preferred shares (voting Class A and non-voting Class B) with floating-rate features, quarterly dividends, a 10-year issuer call at 130% on Class B, and a put right if the company fails to list within a year. Class B issuance may be offered to overseas institutions to widen capital access. Management positions Bitcoin as a hedge against yen depreciation and follows strategies used by large corporate Bitcoin holders. The structure aims to enable substantial BTC purchases while deferring — but not eliminating — dilution for existing equity holders. Analysts warn the plan is sensitive to Bitcoin price moves: falling crypto prices can pressure digital-asset treasuries (DATs), widen equity valuation discounts, and make future capital raises harder in downturns. Traders should watch Metaplanet’s actual buying cadence, the timing and size of share issuances, and BTC price action, since successful accumulation depends on repeated capital raises and sustained or rising BTC prices. Primary keywords: Metaplanet, Bitcoin treasury, equity-linked financing, digital asset treasuries, BTC.
Bullish
Net effect on BTC price is likely bullish because Metaplanet’s plan signals potential sustained, large-scale institutional demand for Bitcoin. A committed program to accumulate up to 210,000 BTC by 2027 — financed via repeatable equity-linked issuances — creates a structural buyer that can absorb supply over time. In the short term the impact will depend on execution: announced plans alone can lift sentiment and equities tied to BTC (including Metaplanet’s stock), but actual BTC upward pressure requires consistent on-chain purchases and successful capital raises. Risks temper the bullish view: if BTC falls sharply, Metaplanet may pause buying, equity valuations of DATs can widen discounts, and future financing becomes more dilutive or costly, which could reduce buying capacity. Overall, assuming at least partial execution and continued fundraising, the plan increases demand-side support for BTC over the medium to long term, while short-term price moves will track execution cadence and market volatility.