Japanese firm Metaplanet to raise up to $150 million for further Bitcoin purchases

Tokyo‑based Metaplanet Inc. is making a decisive shift deeper into Bitcoin accumulation. On 20 November 2025 the company disclosed plans to issue 23.61 million new Class B perpetual preferred shares at ¥900 each, raising approximately ¥21.2 billion (≈ US $135–150 million). 

The company emphasises that a majority of the proceeds will be used to purchase Bitcoin and reduce debt associated with its capital structure. One report estimated ¥15 billion (~US $95 million) will go to direct Bitcoin acquisition. 

Metaplanet currently holds approximately 30,823 BTC (worth around US $2.8 billion at recent prices). With this step, the firm reinforces its strategy of relying on Bitcoin as a primary treasury asset rather than a speculative holding.

The preferred shares include features designed to appeal to institutional investors: fixed dividends (4.9 % annual on the Class B preferred), convertible rights into common shares under certain conditions, and a structure that aims to minimise dilution of existing common shareholders. 

Metaplanet has also undertaken measures to streamline its capital structure such as cancelling older stock‑acquisition rights (20th to 22nd series) and replacing them with new series 23rd & 24th tied to strategic investors. 

Context & implications:
The move stands out in the corporate Bitcoin‑treasury landscape because Metaplanet is a Japanese‑listed entity, signalling that corporates outside the US are increasingly adopting Bitcoin as balance‑sheet reserve asset. The preferred‑share issuance approach offers a hybrid between equity and debt, tailored for long‑term Bitcoin accumulation.

From a macro perspective, this may signal growing corporate appetite for Bitcoin when managed as a treasury instrument rather than a trading asset. For Bitcoin markets, such demand could tighten available supply for institutional‑scale buyers. On the other hand, such heavy corporate reliance on Bitcoin exposes firms to Bitcoin price volatility and potential regulatory / audit scrutiny, especially around proof‑of‑reserves and asset custody. (Several recent articles have flagged audit and disclosure risks for Bitcoin‑treasury companies.) 

Closing insight:
Metaplanet’s announcement reinforces the narrative that Bitcoin is increasingly viewed as a strategic treasury asset, not just a speculative token. For the Bitcoin ecosystem, this means more institutional capital aligning balance‑sheet strategy with Bitcoin’s scarcity and decentralised properties. For market participants, it underscores the importance of tracking non‑traditional buyers and their accumulation behaviour, which could influence supply‑demand dynamics.