Key Notes
- Metaplanet will purchase Bitcoin directly with $107 million and allocate $12 million to Bitcoin options trading operations during December 2025 through March 2026.
- The preferred shares carry a 4.9% annual dividend and ¥1,000 conversion price, representing a 166.7% premium above the Nov.
- 19 market price of ¥375.
- Goldman Sachs Japan and Cantor Fitzgerald arranged the offering with participation from SMALLCAP World Fund, an $81.6 billion institutional fund.
Metaplanet Inc. committed $119 million of its $151 million preferred share raise to Bitcoin-related purposes, representing 73% of the total proceeds, for purchases planned between December 2025 and March 2026.
The company will purchase Bitcoin
BTC
$91 708
24h volatility:
0.1%
Market cap:
$1.83 T
Vol. 24h:
$85.61 B
with $107 million and allocate $12 million to options trading operations, according to the TDnet regulatory filing. Metaplanet currently holds 30,823 BTC, valued at approximately $3.1 billion as of Nov. 19.
The preferred shares carry a 4.9% annual dividend with the company receiving ¥21.249 billion (valued at $151 million) on Dec. 29 2025.
The conversion price stands at ¥1,000 per share, 166.7% above the Nov. 19 closing price of ¥375. The offering requires approval at a shareholder meeting scheduled for Dec. 22.
Strategic Framework
The company adopted the preferred share structure after its stock began trading below the value of its Bitcoin holdings in recent months.
Issuing common stock at current valuations would have resulted in dilution to existing shareholders relative to Bitcoin holdings per share.
The issuance follows the Capital Allocation Policy announced Oct. 28, which specifies common stock issuance only when the stock trades at or above the value of Bitcoin holdings per share.
The $12 million allocation will fund operations where the company sells options against its Bitcoin stack to generate premium income. The strategy produced $30 million in Q3 revenue, representing 1,700% year-over-year growth.
Metaplanet secured a $100 million loan backed by its Bitcoin holdings in October to expand this options trading business.
Institutional Participation
Goldman Sachs Japan and Cantor Fitzgerald arranged the offering. SMALLCAP World Fund Inc., an $81.6 billion institutional fund managed by Capital Group, participated in the allocation alongside multiple institutional investors.
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As a Web3 marketing strategist and former CMO of DuckDAO, Zoran Spirkovski translates complex crypto concepts into compelling narratives that drive growth. With a background in crypto journalism, he excels in developing go-to-market strategies for DeFi, L2, and GameFi projects.
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Source: https://www.coinspeaker.com/metaplanet-commits-119m-to-bitcoin-in-151m-preferred-share-raise/
