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Japanese investment firm Metaplanet has filed a shelf registration to raise up to 555 billion yen, or $3.6 billion, through the issuance of perpetual preferred stock. The funds will support the company’s bold plan to acquire 210,000 Bitcoin by 2027, positioning it as a major player in the digital asset space.
The proposal includes creating two classes of perpetual preferred shares tailored to different investor risk profiles. Class A shares would offer up to 6% dividends and liquidation priority, functioning similarly to corporate bonds. Class B shares come with conversion rights into common stock through put options. Neither class carries voting rights, and no specific issuance date has been confirmed, pending shareholder approval and regulatory review.
Metaplanet currently holds 17,132 Bitcoin, valued at approximately $2 billion, with a 430.2% BTC yield year-to-date. Its stock trading volume soared to 1.86 trillion yen in June, nearly doubling from May. Shareholders will vote on the proposed changes at an extraordinary general meeting on September 1. The registration remains valid through August 2027.
