Metaplanet Follows Strategy’s Lead, Announces $3.7 Billion Preferred Stock Sale

No fixed plan, yet

The Tokyo-based firm included plenty of caveats in its official notification. The company “has just begun to consider the Preferred Shares option, and in order to actually issue the Preferred Shares, further discussions will be necessary.”

Currently, Metaplanet has filed a “shelf-registration”, which does not yet confirm the sale, but it clearly “intends to actively pursue equity financing as part of its Bitcoin Strategy.”

Metaplanet has as long as two years to figure out its exact plan and may sell shares in batches. The current proposal establishes classes of perpetual preferred shares – Class A (Senior, Non-Convertible) and Class B (Convertible). Each would offer dividend payouts of up to 6%, according to the company.

Shareholders will vote on the proposed action at a meeting on 1 September.

2027 ambitions

Metaplanet has clear ambitions for financial growth and expansion, and they rely on continuing to grow its Bitcoin treasury. In June, it announced a goal to “acquire 210,000 Bitcoin between 2025 and 2027,” which “constitutes the core of the Company’s growth strategy”.

The firm’s most recent Bitcoin purchase added 463 coins to its treasury. Metaplanet’s total Bitcoin holdings amount to 17,595 BTC, worth over $2 billion.

The company argues that a preferred stock sale would enable it to maintain an agile and flexible financial strategy to achieve the growth needed hit its goal. It would be a 12x increase in size.

If approved, the sale of “preferred shares will be used for the acquisition of additional Bitcoin.”