Metaplanet Raises $135 Million to Expand Bitcoin Holdings as Michael Saylor Confidently Endures Market Volatility
November 21, 2025 — Tokyo
Metaplanet, the Tokyo-listed firm renowned as Asia’s largest Bitcoin treasury company, has announced a significant capital raise aimed at accelerating its Bitcoin acquisition strategy. The company approved a $135 million offering of perpetual Class B preferred shares, branded as “MERCURY,” designed to provide fixed dividends with the potential for equity conversion.
Details of the Preferred Share Offering
On November 20, Metaplanet’s board resolved to issue 23.61 million Class B preferred shares through a third-party allotment to overseas institutional investors. The gross proceeds total approximately ¥21.25 billion (about $135 million), with net proceeds expected to be around ¥20.41 billion ($130 million) after expenses. The transaction is contingent upon shareholder approval at an extraordinary general meeting scheduled for December 22, with payment expected on December 29. The newly issued shares carry a fixed dividend rate of 4.9%, distributing ¥12.25 ($0.08) annually per share on a quarterly basis. The initial dividend period, ending December 31, will pay a pro-rated amount of ¥0.40 ($0.003) per share. Notably, the shares have a conversion price set at ¥1,000, significantly higher than the company’s November 19 closing price of ¥375 ($2.40). This structure aims to minimize immediate dilution risks for common shareholders while supporting Metaplanet’s continued accumulation of Bitcoin assets.
Simon Gerovich, Metaplanet’s Representative Director, described the offering as a strategic move to “minimize dilution from common share issuances while continuing to expand BTC holdings,” calling the initiative a “new step in scaling” the firm’s Bitcoin treasury approach.
Michael Saylor’s Take: Prepared for Market Drawdowns
Michael Saylor, founder of Strategy (formerly MicroStrategy) and a prominent Bitcoin advocate, recently defended his company’s corporate treasury approach amid ongoing market volatility. In a November 14 CNBC interview, Saylor emphasized Strategy’s resilience, asserting that the company can sustain an 80% to 90% decline in Bitcoin prices without compromising operations.
Highlighting Strategy’s conservative financial management, Saylor noted the company maintains low leverage at just 1.15 times, with debts extended over 4.5 years. “If you want to ride the rocket, you got to be prepared to pull the G’s,” he stated, referring to Bitcoin’s historical experience of six major drawdowns over five years, yet delivering an average annual return of 50%.
Comparing Strategy’s stock performance—which soared over 1,300% since their Bitcoin accumulation began in August 2020—to that of tech giant Nvidia, Saylor argued no S&P 500 company has outperformed Strategy over the same period.
Headwinds: Index Exclusion Threats and Market Pressure
Despite strong long-term growth, Strategy faces potential exclusion from major indexes such as MSCI USA and Nasdaq 100 as index providers reassess firms with balance sheets heavily weighted in digital assets. MSCI, in October consultations, proposed to exclude companies with digital asset holdings exceeding 50% of total assets, treating them more like investment funds rather than traditional operating businesses.
JPMorgan analysts warn that MSCI removal alone could trigger passive fund outflows of up to $2.8 billion, with final decisions expected by mid-January 2026. This regulatory pressure adds to challenges faced by Bitcoin treasury companies, whose shares have recently declined amid compressed market premiums.
Bitcoin Treasury Sector Enters Competitive Phase
Coinbase Research notes the Bitcoin treasury sector is now in a fierce “player-versus-player” competition, with 26 out of 168 publicly traded treasury companies currently trading below the value of their crypto reserves. Since April, the sector’s premium over net asset value dropped from 3.76 times to 2.8 times, coinciding with a 95% plunge in monthly corporate Bitcoin adoption since July.
Metaplanet itself became the first major treasury company to consistently trade below its crypto holdings in October, responding with a ¥75 billion ($500 million) share repurchase program supported by a new credit facility.
Continued Aggressive Bitcoin Accumulation
Despite these headwinds, both Metaplanet and Strategy maintain aggressive accumulation strategies. Strategy recently purchased 8,178 Bitcoin this week at an average price of $102,171 per coin, bringing its total holdings to approximately 649,870 Bitcoin.
Saylor remains bullish on Bitcoin’s long-term prospects compared to traditional assets. He described Bitcoin as “digital capital” that will continue to outperform gold and the S&P 500. Addressing concerns about stablecoin growth potentially overshadowing Bitcoin, Saylor dismissed such fears and confirmed that Strategy is “buying quite a lot” at current price levels.
Metaplanet’s Strategic Capital Structure Shift
The issuance of preferred shares marks a strategic pivot for Metaplanet as the company navigates a compressed valuation environment for Bitcoin treasury firms. The company plans to limit preferred share issuance to no more than 25% of Bitcoin’s net asset value to prevent excessive leverage, aiming to build a solid track record and develop a market for preferred equity, potentially leading to future listings.
This move underscores Metaplanet’s commitment to scaling its Bitcoin holdings while balancing shareholder interests and capital efficiency amid ongoing market volatility.
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About the Author:
Anas Hassan is a veteran crypto journalist and SEO writer with over five years of experience covering blockchain technology, decentralized finance (DeFi), and emerging trends in crypto markets.
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