Japanese Bitcoin treasury Metaplanet Inc. has secured shareholder approval for a proposal that will enable it to raise as much as $3.8 billion (¥555 billion) via preferred shares. The company seeks to expand its financing options after its stock slumped.
According to Metaplanet’s president, Simon Gerovich, shareholders voted to authorize 555 million preferred shares for potential issuance at a meeting in Tokyo on Monday. The company has confirmed the vote outcome in a disclosure on its website today.
In his words, Gerovich described the preferred issuance as a “defensive mechanism” that will protect common shareholders from losing value if the stock price falls below the value of its Bitcoin reserves.
While preferred shares typically lack voting rights, they offer dividend priority over common stock. This is a feature that Japanese investors like when interest rates are low.
Metaplanet’s resilience after 55% stock dip
This initiative comes after a recent announcement of an underwritten offering to raise $884 million ( ¥130 billion) in foreign markets. According to reports, the fundraising will happen on international markets outside Japan, with US-based selling restricted to accredited investors. The pricing of the offering is expected between September 9 and September 11.
Metaplanet has raised over $1.6 billion (¥242 billion) through a moving strike warrant agreement with investment firm Evo Fund. However, Metaplanet has stopped all uses of Evo’s warrants from September 3 to September 30. The company seeks new capital-raising tools to keep up with the global race to accumulate Bitcoin.
However, as reported by Cryptopolitan earlier, the company is looking to stabilize its stock price, which has declined by nearly 55% since its peak in June. Its market value is now roughly double that of its Bitcoin holdings, down from a premium of eight times in June. The stock was up 0.6% as of 11.30 am in Tokyo on Tuesday.
Meanwhile, the company recently added 1,009 BTC for $112 million, pushing its total holdings to 20,000 BTC. The acquisition was made at an average cost of $102,700 per coin, with the company’s total investment now exceeding $2 billion. Metaplanet’s aggressive accumulation is part of a broader strategy to multiply its Bitcoin holdings to 100,000 BTC by the end of 2026.
Metaplanet is set to become Asia’s Strategy
Metaplanet Inc. solidified its position as Asia’s biggest corporate Bitcoin holder. The company has recorded a 468% yield in the second quarter of 2025 and a treasury of 18,113 BTC worth $2.1 billion.
Metaplanet’s strategy has been compared to Michael Saylor’s Strategy in its rapid accumulation of BTC. MSTR’s Bitcoin holdings now represent over 3% of the total supply. Metaplanet wants to get 210,000 BTC by 2027, which is about 1% of all the coins in circulation.
The company made an operating profit of $5.5 million (¥816 million) in Q2. Bitcoin option insurance brought in ¥1,131 million of that profit. Also, around 128,000 people now own shares in Metaplanet, making it the best-performing company out of 55,000 on the stock market in 2024.
Over 170 businesses around the world now have Bitcoin on their books, worth a total of over $111 billion. Analysts still say that the approach could lose value when stock prices reach the same level as Bitcoin’s net asset value.
A VanEck executive says that Bitcoin treasury tactics might not work because companies that are getting close to NAV risk lowering the value of their shares by holding on to Bitcoin. As reported by Cryptopolitan, Strategy has seen a 15% decline in its stocks in August.
The smartest crypto minds already read our newsletter. Want in? Join them.
Source: https://www.cryptopolitan.com/metaplanets-board-approves-3-8b-for-bitcoin/
