Metaplanet’s $135M Share Raise Targets Bitcoin Treasury Growth

• Metaplanet aims to secure $135 million through Class B share issuance.
• Initiative bolsters Bitcoin-focused treasury amidst significant unrealized losses.

On November 20, 2025, Cointelegraph reported that Metaplanet announced a major financing initiative to raise ¥21.2 billion ($135 million) through the issuance of new Class B perpetual preferred shares. The company plans to issue 23.6 million shares at ¥900 ($5.71) per share. This capital raise is central to its strategy of deepening its Bitcoin-focused treasury investments, highlighting a continued commitment to the cryptocurrency market despite challenging conditions.

The share issuance forms a key element of “Mercury,” a program introduced by CEO Simon Gerovich to recalibrate the company’s financial structure. Each Class B share offers a 4.9% fixed annual dividend and includes a conversion price of ¥1,000 per share. Metaplanet plans to conduct the offering via a third-party allotment aimed at attracting overseas investors, with final approval pending an extraordinary shareholder meeting on December 22, 2025.

In tandem with the Mercury program, Metaplanet unveiled plans to restructure its financial instruments comprehensively. The company intends to cancel its 20th through 22nd stock acquisition rights and issue new 23rd and 24th series rights to Evo Fund, an investment firm based in the Cayman Islands. This restructuring aligns with Metaplanet’s strategic objective of optimizing capital allocation to solidify its treasury-led investments.

Market volatility continues to exert financial pressure on Metaplanet, which has seen its stock plummet by over 60% in the past six months. Moreover, the company faces substantial unrealized losses on Bitcoin holdings. Metaplanet acquired 30,823 BTC at an average price of $108,036 per coin, making it the fourth-largest public holder of Bitcoin. However, with Bitcoin’s current average trading price, the company’s unrealized losses exceed 15% of its initial investment.

As of November 20, 2025, at 15:08 UTC, Bitcoin (BTC) is trading at $90,557.11, down 1.56% in 24-hour trading volume, according to CoinMarketCap.