Metaplanet Raises $150 Million via Preferred Shares for Bitcoin Treasury

Metaplanet capital reform and focus

Metaplanet restructured its capital to expand its Bitcoin treasury. The board approved new preferred shares aimed at long-term, yield-focused institutional investors. The stated goal is persistent Bitcoin accumulation instead of short-term trading gains. This reform replaces the company’s earlier entertainment focus with a balance sheet centred on Bitcoin exposure. The strategy turns Metaplanet into a specialised corporate Bitcoin vehicle.

Preferred share structure and Bitcoin usage

Metaplanet plans to raise about $150 million through dividend-paying preferred shares. Preferred shares pay fixed dividends and stand ahead of common shares in payout order. Company disclosures state that most proceeds fund additional Bitcoin purchases, with a smaller part reserved for expenses and liquidity. Metaplanet already holds 30,823 BTC, which concentrates treasury risk in a single asset. Capital Group, a large asset manager, became Metaplanet’s largest shareholder with an 11.39% stake, reinforcing the institutional profile of this structure.

Shareholder approval and access channels

The capital reform depends on an extraordinary general meeting (EGM), a special shareholder vote outside the regular annual meeting. The EGM approves the new preferred share class and the overall capital structure changes. In parallel, Metaplanet prepares a United States American depositary receipt (ADR) programme. An ADR is a negotiable certificate that represents shares of a non-US company on US markets. Deutsche Bank acts as depositary bank for the ADR, adding operational and custody infrastructure. Metaplanet gains a direct route to reach US investors who trade domestic securities.

“The structure aims to ‘minimize dilution from common share issuances while continuing to expand BTC holdings,’ calling it a ‘new step in scaling’ their Bitcoin treasury strategy.” — Simon Gerovich, Chief Executive Officer, Metaplanet

Market positioning and risk concentration

Metaplanet’s treasury model ties its future dividend capacity and equity value to Bitcoin market cycles. Preferred shareholders receive yield plus exposure to Bitcoin price movements, but accept concentrated asset risk. Ordinary shareholders stand behind preferred holders and depend on both Bitcoin performance and disciplined capital management.