Japanese investment firm Metaplanet has filed a shelf registration to issue up to 555 billion yen (approximately $3.5 billion USD) in Bitcoin-backed shares as part of its aggressive strategy to expand its Bitcoin holdings by 2027. The move reflects the company’s evolving capital policy and long-term commitment to becoming a major institutional holder of Bitcoin.
The registration covers two distinct classes of perpetual preferred shares—Class A (non-convertible) and Class B (convertible)—each valued at 277.5 billion yen. These shares will be backed by Bitcoin and can be issued at any point over the next two years, with the registration valid until August 2027. If approved by shareholders, this capital raise would significantly enhance Metaplanet’s ability to meet its Bitcoin acquisition targets.
Preferred shares differ from common shares in several key ways. They often carry limited or no voting rights but come with advantages in terms of dividend priority and liquidation claims. For companies, they are a flexible financing tool. Metaplanet emphasized that issuing preferred shares helps raise capital with less dilution of common equity, aligning with its broader objective to diversify financing options.
“The issuance of preferred shares backed by Bitcoin provides us with greater flexibility in capital management,” the company stated in its filing.
This approach, according to Metaplanet, is also designed to give the firm more agility as it works toward acquiring 210,000 BTC—an amount that would equal 1% of Bitcoin’s total global supply.
Metaplanet currently holds 17,132 BTC, with an average acquisition price of $114,964 per coin. The firm’s year-to-date yield on Bitcoin stands at an impressive 449.7%, reinforcing investor interest in its crypto-forward strategy.
In early June, the company significantly increased its 2026 target from 21,000 BTC to 100,000 BTC—nearly five times its previous goal. Achieving this revised milestone will require a massive infusion of capital, which this new preferred share issuance is intended to support.
While Metaplanet has previously relied on common share offerings to fund its Bitcoin purchases, this shelf registration signals a major shift in how the company plans to finance its treasury growth moving forward. The issuance of preferred shares is still subject to shareholder approval at the company’s next Annual General Meeting.
