Bitcoin News Today: Metaplanet to Buy 210,000 BTC by 2027 via $3.7B Preferred Share Offering

Metaplanet Inc., a Japan-listed company, has announced a $3.7 billion fundraising initiative through the issuance of perpetual preferred shares, with the proceeds to be used exclusively for Bitcoin acquisitions. The firm aims to accumulate up to 210,000 BTC by 2027, significantly expanding its digital asset treasury. The plan, which includes the creation of two distinct classes of preferred shares—Class A (non-convertible with fixed dividend features) and Class B (convertible with equity upside)—was filed for a shelf registration valid until August 8, 2027, pending shareholder approval at an extraordinary general meeting scheduled for September 1 [1].

The initial issuance saw strong institutional demand, with the first 10% of planned shares raising $515 million on the first day. This highlights the growing appetite among investors for structured exposure to Bitcoin through equity-linked instruments. The Class A shares offer a dividend yield of up to 6% and liquidation priority, while Class B shares include conversion rights to common stock. Both are non-voting, and the company has emphasized that no immediate issuance plans are in place [1].

Metaplanet’s Bitcoin accumulation has gained significant momentum since December 2024. The firm’s holdings have grown from less than 4,000 BTC in March 2025 to over 17,132 BTC by July 2025, with the average purchase price rising to $100,504. CEO Simon Gerovich has emphasized transparency, regularly publishing proof-of-reserve data to differentiate Metaplanet from other corporate treasuries [1].

The company’s stock has surged in value this year, with trading volumes reaching $12.65 billion in June—nearly double the previous month’s figure. Its shares have gained more than 345% year-to-date, outpacing traditional Japanese industry leaders like Toyota and Sony. Analysts have noted that the company’s market net asset value appears reasonable, though concerns persist over the long-term viability of corporate Bitcoin strategies [2].

Matthew Sigel of VanEck has warned that continued Bitcoin purchases could become dilutive if stock prices near net asset value, potentially harming shareholder value. James Check of Glassnode has also raised questions about the sustainability of such strategies, noting the uncertain longevity of firms pursuing aggressive Bitcoin treasury models [2].

Despite these concerns, Metaplanet remains committed to its goal of acquiring 210,000 BTC by 2027, a target that would make it one of the largest institutional Bitcoin holders, though still falling short of MicroStrategy’s 597,325 BTC [1]. The company’s strategy aligns with a broader trend of institutional adoption of Bitcoin, as investors seek alternatives in a shifting economic landscape [1].

Sources:

[1] Metaplanet Files to Raise $3.6B via Preferred Stock Program to Fund Bitcoin Treasury (Anas Hassan for Cryptonews, August 1, 2025) https://www.coinrank.io/