Japanese investment firm Metaplanet has filed a stock offering to raise approximately $3.7 billion (¥555 billion) for the purpose of significantly increasing its Bitcoin reserves.
The capital will be raised through the issuance of new perpetual preferred shares. The offering comprises two classes: Class A (senior, non-convertible) and Class B (convertible), with each potentially raising up to $1.9 billion.
Specifically, the funds generated will be allocated towards accumulating Bitcoin. Metaplanet aims to dramatically increase its holdings from the current level of 17,132 BTC to a target of 210,000 BTC by the year 2027.
An Extraordinary General Meeting scheduled for September 1 will seek shareholder approval to increase the authorized number of shares from the current 1.61 billion to 2.723 billion shares. This increase is necessary to facilitate the planned Bitcoin acquisition strategy.
To attract investment, the perpetual preferred shares will offer dividends of up to 6% annually. This structure is designed to provide investors with a return while simultaneously funding the company’s aggressive Bitcoin expansion plans.