Metaplanet Files to Raise $3.6B via Preferred Stock Program to Fund Bitcoin Treasury

Key Points

1. Metaplanet filed to raise ¥555 billion ($3.6 billion) through perpetual preferred stock (Class A and Class B) to fund Bitcoin purchases.

2. The company aims to accumulate 210,000 BTC by 2027, with current holdings exceeding 17,000 BTC worth $2 billion and a year-to-date yield of 430.2%.

3. Trading volume in Metaplanet stock surged to 1.86 trillion yen ($12.65 billion) in June, nearly double May's volume, reflecting investor interest in its Bitcoin strategy.

4. Class A shares offer fixed-income-like dividends (up to 6%) and liquidation priority, while Class B shares provide conversion rights to common stock.

5. Metaplanet's aggressive Bitcoin accumulation strategy includes recent purchases of 780 BTC ($92.93 million) and 2,205 BTC ($238.7 million), with an average purchase price of $100,504 per BTC.

6. CEO Simon Gerovich has provided transparent proof-of-reserves for Bitcoin holdings, contrasting with MicroStrategy's approach.

7. Market skepticism exists regarding corporate Bitcoin treasury strategies, with warnings about risks to shareholder value from continued BTC accumulation near NAV.

8. Metaplanet's shares have surged over 345% year-to-date, driven by investor demand for Bitcoin exposure amid Japan's bond market instability.