Metaplanet Raises $150 Million to Accelerate BTC Accumulation
Tokyo-listed firm Metaplanet has announced plans to raise approximately $150 million through the issuance of Class B perpetual preferred shares, with the primary objective of purchasing additional BTC for its corporate treasury. The issuance was proposed in a formal reanswer and will be subject to shareholder approval at an extraordinary meeting scheduled for December. The capital raise marks a continuation of Metaplanet’s transition away from its legacy real estate and hospitality operations toward a treasury-centered business model focused on BTC accumulation.
The preferred shares will be issued via third-party allocation, priced at 900 yen per share across more than 23 million units, generating proceeds of roughly 21.25 billion yen. The shares carry a fixed dividend of 4.9 percent annually, distributed quarterly, and are designed to raise capital without diluting existing common equity holders. A substantial portion of the proceeds will be directed toward acquiring BTC, while a smaller share will be allocated to operational purposes, including debt redemption and support for ancillary business lines.
Strategic rationale and treasury shift
Metaplanet’s shift reflects a broader trend in which select public companies are positioning BTC not merely as an investment asset, but as a core treasury holding aimed at hedging macroeconomic and currency risks. By funding BTC acquisitions through preferred equity rather than traditional debt or common equity issuance, Metaplanet aims to align long-term accumulation with a capital structure designed to preserve shareholder value. This structure may also enable institutional investors to gain exposure to a BTC-focused corporate vehicle through a yield-bearing instrument.
The move comes at a time when the company is expanding its focus on asset-backed revenue models tied to BTC, including potential derivatives exposure, corporate services and monetization of digital asset reserves. Management has signaled its intent to cancel legacy equity rights and explore further listings that could formalize the firm’s status as a BTC treasury-centric enterprise.
Implications for the broader market and corporate treasuries
The timing of the raise suggests the company views current market conditions as an opportunity rather than a risk. If BTC prices remain subdued, Metaplanet may acquire a sizeable reserve base at favorable cost, positioning the company for asymmetric upside if market conditions recover. The move also raises questions about how other corporations could structure financing vehicles dedicated to digital asset accumulation, potentially opening pathways for new classes of treasury instruments.
For the digital-asset infrastructure and derivatives ecosystem, including platforms such as Kana Labs, Metaplanet’s trajectory underscores growing demand for institutional custody, settlement, hedging tools and liquidity. As more balance sheets hold BTC directly, market participants may need to design products and services that reflect corporate treasury requirements rather than purely retail speculation.
Looking ahead, key milestones will include the shareholder vote, execution of initial BTC purchases from the raised capital and formal updates to Metaplanet’s financial disclosures, including reserve valuation metrics and yield distribution. If the structure proves successful, it could serve as a blueprint for other companies viewking to adopt BTC-heavy treasury strategies while maintaining disciplined capital allocation.
