Metaplanet Inc., the Tokyo‐listed investment firm that has transformed from hotelier to one of the world’s fastest‐growing Bitcoin treasury companies, has submitted a filing to raise up to ¥555 billion (approximately $3.7 billion) through the issuance of two classes of perpetual preferred shares. The transition aims to reinforce its ambitious strategy to acquire 210,000 BTC by the close of 2027, representing approximately 1 percent of all Bitcoin that is anticipated to ever be mined.
Metaplanet’s Shift from Hotels to Bitcoin
Metaplanet, having previously operated in the Japanese hotel market, made the transition to Bitcoin as its core treasury asset in mid-2024. Its CEO, Simon Gerovich, described the move as a shift from “hotelier to hodler,” building a Bitcoin hoard similar in spirit to MicroStrategy’s strategy in the United States. The firm measures performance using a “BTC Yield” KPI—calculating the increase in Bitcoin per share—which has driven its share price up more than 345 percent year to date.
Financing the Bitcoin Strategy: Preferred Share Filing
Late last week, Metaplanet announced plans to amend its Articles of Incorporation, increasing its authorized common shares from 1.61 billion to 2.723 billion. As part of this revision, it filed a shelf registration with Japanese regulators to issue up to ¥555 billion in perpetual preferred shares, split into Class A and Class B lines, each capped at ¥277.5 billion (roughly $1.8 billion per class).
- Class A Shares have preferential rights for payment of dividends and provide a fixed amount of payment, which is generally a more reliable but less flexible option.
- Class B Shares provide a right to convert to common stock under certain circumstances, enabling the investors to have more flexibility than Class A shares but with lower prominence in dividend payout.
The filing will begin selling on August 9, 2025 and is valid until August 8, 2027, allowing the company to issue as needed and market conditions would allow at the time. The capital raise represents nearly 75 percent of Metaplanet’s current market value (~¥730 billion). However, shareholder approval of the share count increase—and associated EGM vote scheduled for September 1, 2025—remains a prerequisite.
Bitcoin Accumulation Goals: 210,000 BTC by 2027
Metaplanet has set its sights on amassing 210,000 bitcoins by the end of 2027, up from targets of 10,000 BTC in 2025 and 21,000 by the close of 2026. Achieving that number would put the company in rarefied territory, controlling about 1 percent of all outstanding Bitcoin. To date, it has steadily added to its holdings—January through mid July including recent multi hundred coin purchases—bringing its balance to around 17,132 BTC as of early August.
Where Metaplanet Stands in the Bitcoin Treasury Landscape
According to BitcoinTreasuries.net, Metaplanet is currently the 7th largest corporate Bitcoin holder globally, trailing behind Trump Media & Technology Group (18,430 BTC) and above Galaxy Digital (12,830 BTC)—both of which are ranked 6th and 8th, respectively. Its holdings are valued at roughly $2 billion at prevailing Bitcoin prices. The firm aims to trail only MicroStrategy (branded Strategy Inc.), which holds over 600,000 BTC and serves as the blueprint for Metaplanet’s equity funded accumulation model.
Investor Sentiment and Outlook
Metaplanet shares have surged sharply this year, though not without generating concerns about share dilution and execution risk. Critics point to the complexity and speculative nature of raising equity using preferred shares in rapidly down turning markets. Metaplanet counters that its BTC Yield metric—Bitcoin per share growth—is a more accurate reflection of shareholder value than headline dilution rates. The success or failure of this process ultimately depends on the future price of bitcoin, wider capital market conditions, and on the appetite for fixed dividend instruments linked to crypto. If executed correctly, the offering would allow Metaplanet to accelerate towards its 2027 goal while solidifying its position as Asia’s leading Bitcoin treasury engine.
In Summary
Metaplanet’s proposed ¥555 billion ($3.7 billion) preferred‐share raise represents a bold and calculated bet on Bitcoin’s future. The company hopes to transform itself into a powerhouse treasury platform by leveraging public equity markets to build one of the world’s largest corporate BTC reserves. The plan, pending shareholder approval, will play out over two years—with performance measured not by traditional revenue figures, but by the growth of Bitcoin per share.
