Metaplanet has officially revealed its plans to execute an ambitious Metaplanet’s $135 million raise through the issuance of new Class B perpetual preferred shares. The firm’s CEO, Simon Gerovich, confirmed via a statement that this strategic maneuver, internally dubbed the “Mercury” program, represents a fundamental step to scale the corporation’s treasury strategy focused exclusively on Bitcoin accumulation.
The company firmly intends to issue 23.6 million shares at an individual price of 900 yen, which would generate a total capital of 21.2 billion yen. The offering will be executed through a third-party allotment aimed at overseas investors, subject to final approval at the extraordinary shareholder meeting scheduled for December 22, 2025. Furthermore, these new shares will offer an attractive fixed annual dividend of 4.9% on a notional amount, in addition to granting conversion rights to common stock. Likewise, the company reserves a market-price call option if the shares trade above 130% of their liquidation preference.
This announcement comes at a critical and decisive moment for public companies that have adopted the Bitcoin standard as their primary reserve asset, as the initiative seeks to solve liquidity needs to continue accumulation. Metaplanet has currently consolidated itself as the fourth-largest public company with Bitcoin globally, holding a total of 30,823 BTC valued at approximately $2.82 billion. However, it is important to note that the company currently faces a 15.17% unrealized loss on its holdings, given that its average purchase price sits at $108,036 per unit, well above current market prices.
Will the share issuance reverse the current bearish trend?
The immediate market reaction and investor perception regarding these complex financial movements will be determinant for the future stability of Metaplanet’s stock. Although the shares closed the day up 3.20%, the company’s value has suffered a drop of over 60% during the last six months, generating reasonable doubts. Thus, the success of this raise could set a vital precedent for other companies in the crypto sector seeking to finance their digital treasuries through hybrid equity instruments in times of high economic uncertainty and price volatility.
Metaplanet’s strategy demonstrates an unwavering and long-term conviction in the future of Bitcoin, openly challenging the volatility affecting its balance sheet. As the key shareholder meeting approaches, the international financial community will closely watch if this new capital structure manages to stabilize value for investors. Finally, the company’s ability to efficiently manage its debt and digital assets will define its long-term viability and survival in the competitive and risky global market of corporate Bitcoin treasuries.
