Tokyo-listed Metaplanet is deepening its commitment to Bitcoin, announcing a plan to issue approximately $135 million in Class B perpetual shares to expand its corporate treasury.

Details of the Share Offering

The company intends to issue 23.61 million Class B Preferred Shares priced at ¥900 each. These shares will come with a 4.9% annualized dividend rate but will not carry any voting rights. However, the structure allows shareholders to eventually convert them into common stock, which does include voting rights.

A key provision protects investors: if the shares are not listed on an exchange by 20 business days after December 29, 2026, holders will have the option to redeem them. The proceeds from the sale are earmarked exclusively for purchasing more Bitcoin.

Mirroring the MicroStrategy Playbook

This capital-raising strategy closely resembles the model used by Michael Saylor’s MicroStrategy. By issuing preferred shares, Metaplanet can secure funds for its aggressive accumulation strategy without immediately diluting the value of its existing common stock. The success of this approach depends on the long-term appreciation of Bitcoin’s value.

In its official filing, Metaplanet expressed confidence in this bet, stating that it believes Bitcoin will deliver long-term returns that exceed the preferred share dividend yield.

Metaplanet’s Current Bitcoin Position

Metaplanet currently holds 30,823 BTC, with a market value of around $2.69 billion. The firm’s average purchase price for its holdings is $108,036 per coin, placing its investment at a 19.33% unrealized loss. Despite this, the company maintains a market capitalization of $3 billion, which is greater than the value of its Bitcoin reserves.