TL;DR:
- Metaplanet filed to raise ¥555B ($3.7B) via shelf registration to buy 210,000 BTC by 2027, potentially becoming the largest corporate Bitcoin holder globally.
- New Class A/B perpetual shares (¥277.5B each) offer 6% dividend priority; funds exclusively target BTC buys pending Sept. 1 shareholder vote on share restructuring.
- With 17,132 BTC ($1.95B) currently held, execution risks remain amid market dependency and the need for relentless accumulation.
Tokyo-based investment firm Metaplanet has ignited market excitement with its bold plan to raise ¥555 billion ($3.7 billion) through a strategic shelf registration, accelerating its unprecedented Bitcoin accumulation strategy.
Filed on Friday, this two-year fundraising period (from August 9, 2025, to August 8, 2027) aims to acquire 210,000 BTC by 2027. This strategy would make Metaplanet the largest corporate holder of Bitcoin globally, exceeding Strategy’s current lead.
*Metaplanet Announces EGM Agenda: Proposes Authorization of Perpetual Preferred Stock—Class A (Senior, Non-Convertible) and Class B (Convertible); Files ¥555 Billion Shelf Registration for Potential Issuance* pic.twitter.com/3rYog0IpGY
— Metaplanet Inc. (@Metaplanet_JP) August 1, 2025
Precision-Timed Capital Deployment
The shelf registration enables Metaplanet to issue shares incrementally across 24 months, strategically aligning offerings with optimal market conditions to minimize dilution. This calculated approach provides exceptional flexibility for Bitcoin purchases during price dips.
The proposed raise represents 75% of Metaplanet’s current ¥729.45 billion market capitalization, signaling a transformative commitment to cryptocurrency adoption. Crucially, execution remains contingent on shareholder approval at the September 1 Extraordinary General Meeting (EGM).
Share Restructuring for Bitcoin-First Funding
Central to the proposal is creating two new classes of perpetual preferred shares, Class A and Class B, each potentially valued at ¥277.5 billion ($1.85B). These shares would grant investors dividend priority up to 6% above common stockholders, with all proceeds exclusively earmarked for Bitcoin acquisitions. Approval requires expanding authorized shares from 1.61 billion to 2.723 billion, a critical vote that will determine the initiative’s feasibility.
Aggressive Path to 210,000 BTC Benchmark
With only 17,132 BTC currently held ($1.95 billion at Bitcoin’s $114,396 valuation), Metaplanet must execute relentless accumulation to reach its 210,000 BTC target. Its July 28 purchase of 780 BTC exemplifies the accelerated strategy already underway. Achieving this goal would require absorbing approximately 1% of Bitcoin’s circulating supply, creating unprecedented institutional buy-side pressure.
Execution Risks and Market Implications
Despite the ambitious vision, Metaplanet explicitly noted that “no specific issuance plan is currently in progress,” injecting uncertainty into the timeline. Success hinges on sustained favorable market conditions through 2027 and shareholder endorsement of the capital structure overhaul. If fully deployed, the $3.7 billion war chest could trigger significant Bitcoin price appreciation while establishing a new blueprint for corporate treasury diversification.
