Metaplanet plans $3.7 billion stock issuance by 2027 to fund bitcoin accumulation

Tokyo-listed bitcoin treasury firm Metaplanet announced Friday that it has filed a shelf registration to issue up to 555 billion Japanese yen ($3.7 billion) worth of shares to fund its bitcoin accumulation strategy.

The shelf registration, with a planned effective date from August 9, 2025 until August 8, 2027, allows Metaplanet to issue these securities in portions across the two years when market conditions align. The company explained that this latest filing aims to bolster its previously announced target of accumulating 210,000 BTC by 2027.

The proposed raise is about 75% of the company's current market capitalization of 729.45 billion yen, and could reshape the company's future trajectory. 

However, this proposed issuance is still tentative, as the company stated — "no specific plan for the issuance of the Preferred Shares is currently in progress, and it is uncertain whether such issuance will take place."

Furthermore, the proposal is contingent on the company's proposal, published in the same disclosure, on increasing authorized shares from 1.61 billion to 2.723 billion. The proposals are scheduled to be voted on at the Extraordinary General Meeting (EGM) on Sep. 1.

If approved, the company would establish provisions for two new classes of perpetual preferred shares, Class A and Class B, with potential issuance value split at 277.5 billion yen each. These shares would prioritize dividend payouts up to 6% over common shareholders, with proceeds earmarked for bitcoin acquisitions.

Meanwhile, Metaplanet currently holds 17,132 BTC, with the most recent purchase of 780 BTC occurring on July 28. At bitcoin's current market value of $114,396, Metaplanet's holdings are worth $1.95 billion.