Bitcoin News Today: Asia's MicroStrategy mirrors U.S. rival's Bitcoin bet with $135M raise

Metaplanet, a Tokyo-listed firm often dubbed "Asia's MicroStrategy," is raising ¥21 billion ($135 million) through an allotment of 23.6 million MERCURY Class B preferred shares to expand its Bitcoin holdings. The offering, which includes a fixed annual dividend of 4.9%, is part of the company's strategy to solidify its position as one of the region's largest corporate Bitcoin holders. The estimated net proceeds of ¥20.4 billion will be allocated as follows: ¥15 billion ($95 million) for direct Bitcoin purchases, ¥2.4 billion ($15 million) for Bitcoin income-generating strategies, and the remainder for corporate bond redemptions.

The move mirrors the aggressive Bitcoin treasury model pioneered by U.S. firm MicroStrategy, which has spent billions to accumulate the cryptocurrency. Metaplanet currently holds over 30,000 BTC, and its latest capital raise underscores a broader trend of institutional adoption in Asia. The firm's MERCURY shares, a new Class B preferred equity instrument, are structured to provide investors with both yield and upside potential as Bitcoin prices fluctuate.

The fundraising comes amid a volatile crypto market. Bitcoin recently dropped below $93,000, triggering technical indicators of a bearish shift, and the crypto Fear Index hit a 10-matching levels last seen during the Terra/Luna collapse in July 2022. Despite the downturn, Metaplanet's CEO, Simon Gerovich, has defended Bitcoin treasury strategies, arguing that exchange-traded funds (ETFs) and corporate holdings provide stable exposure without relying on speculative inflows.

The company's expansion aligns with Japan's growing embrace of institutional crypto adoption. Tokyo-listed firms have increasingly diversified into Bitcoin as a hedge against inflation and currency devaluation, with Metaplanet joining peers like MicroStrategy in treating the asset as a core balance-sheet component. However, the strategy carries risks. Critics note that Bitcoin's price volatility could strain corporate finances if the cryptocurrency underperforms, particularly as interest rates remain elevated and global markets face macroeconomic headwinds.

Metaplanet's move also highlights the competitive landscape among Bitcoin treasury companies. Just days prior, MicroStrategy's counterpart, Strategy, announced a $836 million purchase of 8,178 BTC, bringing its total holdings to 649,870 BTC ($61.7 billion). While Strategy has raised $7.5 billion through preferred stock programs, Metaplanet's MERCURY offering reflects a tailored approach to attract institutional investors in Asia.