Metaplanet is preparing for another significant financing round by issuing new Class B perpetual preferred shares to expand its Bitcoin-focused treasury strategy.
According to documents submitted to the Tokyo Stock Exchange, the company plans to issue 23.6 million shares of Class B stock at a price of 900 yen (approximately $5.71) per share, raising a total of 21.2 billion yen (about $135 million). This issuance will be executed through a third-party allotment to overseas investors, pending approval at an extraordinary shareholders' meeting scheduled for December 22, 2025.
The new Class B shares come with a fixed annual dividend of 4.9% based on a nominal amount of $6.34, with quarterly dividends of $0.078 once regular payments begin. Holders will have the right to convert the preferred shares into common stock at a conversion price of $6.34.
However, the company retains a market price call option, which can be exercised if the trading price of the stock exceeds 130% of the liquidation preference for 20 consecutive trading days. These shares do not have voting rights but enjoy redemption rights under specific circumstances.
This financing is part of a broader restructuring of Metaplanet's financing tools. The company plans to cancel its 20th to 22nd stock acquisition rights and issue new 23rd and 24th series rights to the Cayman Islands-based investment fund Evo Fund, pending regulatory approval.
In a post on X, Metaplanet CEO Simon Gerovich revealed that the company's new Class B perpetual preferred stock program is named Mercury.
"4.9% fixed dividend. 1000 yen conversion price. This is a new step in expanding Metaplanet's Bitcoin treasury strategy," he wrote.
Metaplanet's stock price rose 3.20% on the day, up 12 points. However, according to Google Finance, the company's stock price has fallen more than 60% over the past six months.
According to BitcoinTreasuries.NET, Metaplanet is the fourth largest publicly traded company in the world by Bitcoin (BTC) holdings, currently holding 30,823 BTC, valued at approximately $2.82 billion.
The company acquired its Bitcoin at an average purchase price of $108,036 per BTC, with an unrealized loss of -15.17%, significantly down from its October peak.
Related: BitMine is deep in $3.7 billion losses, facing challenges from BlackRock's staking Ethereum (ETH) ETF with the "California Hotel" model.
Original article: “Metaplanet plans to raise $135 million through new Class B stock to drive more Bitcoin (BTC) purchases”
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