Metaplanet, a Tokyo-listed company focused on bitcoin treasury strategy, announced its new “Phase II” initiative, under which it will issue perpetual preferred shares to raise capital for further Bitcoin acquisitions.
The mechanism is designed to reduce dilution of common stock while sustaining the firm’s aggressive accumulation pace.
The company has already set an ambitious “555 Million Plan” that aims for 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. According to its latest disclosure, Metaplanet holds around 30,823 BTC—up from 1,762 BTC at the start of the year, representing a nearly 17-fold increase.
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BTC Treasuries said Metaplanet has flipped Adam Back’s firm to rank fourth in global Bitcoin holdings.
Metaplanet has previously financed its purchases through equity issuance, which diluted shareholders but helped the company gain market visibility, including inclusion in the FTSE Japan Index. The broader trend shows more Japanese companies adopting Bitcoin as a treasury asset, seeking diversification alongside global peers like MicroStrategy.
How the Preferred Share Plan Works
Under Phase II, Metaplanet will issue perpetual preferred shares with a capped dividend yield of 6%. The structure
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Author: Shota Oba
