Metaplanet Commits $119M to Bitcoin in $151M Preferred Share Raise

Metaplanet Inc. has committed $119 million of its $151 million preferred share raise to Bitcoin-related activities, which accounts for 73% of the total proceeds.
The company plans to purchase Bitcoin with $107 million and allocate $12 million for options trading operations. Bitcoin
Metaplanet currently holds 30,823 BTC, valued at approximately $3.1 billion as of November 19.
Preferred shares offer a 4.9% annual dividend, with the company receiving ¥21.249 billion ($151 million) on December 29, 2025.
The conversion price of the shares is set at ¥1,000, which is 166.7% above the closing price on November 19.
A shareholder meeting on December 22 is required for offering approval.

Strategic Framework

The preferred share structure was adopted after Metaplanet's stock traded below its Bitcoin holdings' value.
Issuing common stock at current valuations would dilute existing shareholders relative to Bitcoin holdings per share.
The $12 million allocation aims to support options trading against Bitcoin holdings, generating premium income.
The strategy generated $30 million in Q3 revenue, marking a 1,700% year-over-year increase.
Metaplanet also secured a $100 million loan backed by Bitcoin holdings to expand its options trading business.

Goldman Sachs Japan and Cantor Fitzgerald arranged the offering.
SMALLCAP World Fund Inc., managed by Capital Group, participated alongside other institutional investors.