So far this year, Metaplanet has pulled in ¥242.4 billion ($1.7 billion) through equity sales, funneling the proceeds directly into bitcoin buys. The aggressive accumulation has paid off, boosting bitcoin holdings per diluted share by 468% since January 2025. Now, the company is asking shareholders at a Sept. 1 EGM to greenlight the creation of new common and perpetual preferred shares.
At the heart of this strategy are the “Metaplanet Prefs.” If approved, the firm intends to roll out up to ¥555 billion ($3.9 billion) in perpetual preferred shares over two years under a shelf registration. Management stressed that Prefs deliver permanent capital without the refinancing headaches of conventional debt. “Our goal is for Japan’s multi-trillion-dollar fixed income market to serve as rocket fuel for Metaplanet’s bitcoin accumulation,” the presentation noted, with an eye toward crafting the nation’s first bitcoin-backed yield curve.
Metaplanet’s slide presentation.
Most of the Prefs’ proceeds would go toward snapping up more bitcoin. The plan is designed to enhance value for common shareholders by capitalizing on the gap between bitcoin’s long-term appreciation and the dividend rates on the preferred shares. “With perpetual preferred shares, the dividend amount can be flexibly adjusted in line with short- to medium-term interest rate trends to help stabilize the price,” the company said, pointing to the instrument’s adaptability.
Metaplanet argues that this approach gives it a unique edge in reshaping Japan’s capital markets. The strategy leans on the nation’s immense household wealth ($14.9 trillion) and historically low sovereign yields, with issuance capped at 25% of bitcoin NAV as a safeguard.
Still, the ambition rides on winning shareholder backing and a supportive market environment. The company flagged bitcoin’s price swings and regulatory hurdles as key risks to meeting its lofty target of 210,000 BTC.
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