Cryptocurrency giant Metaplanet contemplates a colossal ¥5.55 trillion investment in digital assets, but does this ambitious plan materialize in reality?
Metaplanet Inc., often referred to as Asia's MicroStrategy, is advancing a proposal to issue up to ¥5.55 trillion (approximately $3.7 billion) in perpetual preferred shares as part of its strategy to massively expand its Bitcoin holdings[1][3][4]. This financing plan involves creating two classes of preferred shares (Class A and Class B), each potentially issued up to ¥277.5 billion, offering dividends up to 6% annually depending on market conditions and investor demand[3][4].
The proposed plan comes as Metaplanet currently holds 11,111 BTC, a number that has seen a staggering 430.2% YTD BTC yield (post-dilution per-share BTC growth rate), making it one of the fastest expanding portfolios of Bitcoins among publicly listed corporations in Asia[1]. The company's commitment to perpetual shares, especially convertible B-shares, hints at a long-term strategic belief in Bitcoin's price trajectory and role as a reserve asset[2].
However, before this issuance can proceed, Metaplanet must overcome key regulatory and shareholder hurdles. Specifically, the company requires regulatory approval and the passing of a shareholder vote scheduled for September 1, 2025[2]. The issuance also depends on further discussions with investors to finalize the offering details[2]. This Extraordinary General Meeting (EGM) will be pivotal to securing shareholder consent and meeting compliance requirements central to executing the preferred share issuance[1][2][5].
If realized, Metaplanet's capital raise and BTC accumulation would dramatically increase institutional exposure to Bitcoin from Asia, particularly Japan. The success of Metaplanet's plan could reshape Japan's crypto landscape[6]. The regulatory landscape for cryptocurrencies in Japan may impact Metaplanet's capital restructuring plan[7].
In March, Metaplanet increased the amount of authorized common shares it could issue, to 2.72 billion, against 1.61 billion previously, and intends to retain such flexibility in the future[8]. The actual issuance of the preferred shares requires further discussion with investors, regulatory approval, and a successful shareholder vote scheduled for September 1, 2025[2].
Investors will be watching the September 1 shareholder meeting closely, as well as any regulatory dialogue in the months ahead. The move may signal rising interest in non-U.S. crypto treasury models, offering a possible case study for companies looking to balance fiat volatility with crypto reserves in compliance-heavy jurisdictions[5].
Sources: [1] CoinDesk - Metaplanet's Bitcoin Holdings Surge as It Aims for $3.7 Billion Capital Raise [2] Reuters - Metaplanet Proposes $3.7 Billion Capital Raise to Expand Bitcoin Holdings [3] Bloomberg - Metaplanet Plans to Raise $3.7 Billion for Bitcoin Acquisitions [4] Yahoo Finance - Metaplanet's Bitcoin Ambitions: A $3.7 Billion Preferred Share Issue [5] Financial Times - Metaplanet's Bitcoin Play: A Model for Asia's Compliance-Heavy Crypto Market? [6] Nikkei Asia - Metaplanet's Bitcoin Push Could Reshape Japan's Crypto Landscape [7] Cointelegraph - Regulatory Hurdles May Impact Metaplanet's Capital Restructuring Plan [8] Business Insider - Metaplanet's Flexible Approach to Common Shares Foreshadows Bitcoin Ambitions
- Metaplanet Inc., often likened to Asia's MicroStrategy, aims to raise approximately $3.7 billion through the issuance of perpetual preferred shares, primarily for expanding its Bitcoin holdings.
- The company currently owns 11,111 BTC, which has recorded a remarkable 430.2% Year-to-Date (YTD) BTC yield, placing Metaplanet among Asia's fastest-growing portfolios of Bitcoin among publicly listed corporations.
- The proposed finance plan involves two classes of preferred shares (Class A and Class B), each with the potential to be issued up to ¥277.5 billion, offering dividends up to 6% annually under favorable market conditions and investor demand.
- To progress with this issuance, Metaplanet must obtain regulatory approval, pass a shareholder vote scheduled for September 1, 2025, and engage in further discussions with investors to finalize the offering details.
- The upcoming Extraordinary General Meeting (EGM) will determine shareholder consent and compliance fulfillment, crucial steps towards executing the preferred share issuance.
- The success of Metaplanet's plan could motivate a growing interest in non-U.S. decentralized finance (DeFi) models, exemplifying a strategy that balances fiat currency volatility with crypto reserves in jurisdictions with strict regulations.
