Bitcoin News Today: Metaplanet's Hybrid Shares Blend Income and Bitcoin Upside

Tokyo-listed Metaplanet Inc. is set to raise up to ¥21.2 billion ($135 million) through the issuance of newly created Class B perpetual preferred shares, a move aimed at accelerating its Bitcoin acquisition strategy and stabilizing its capital structure. The offering, approved by the board on November 20, will see 23.61 million shares issued at ¥900 apiece, with proceeds allocated to Bitcoin purchases, debt repayment, and infrastructure initiatives. The shares, dubbed "MERCURY," offer a fixed annual dividend of 4.9% and conversion rights into common stock at ¥1,000, reflecting a hybrid profile of income generation and upside potential tied to Bitcoin's price performance.

The capital raise marks a pivotal step in Metaplanet's transition into a global Bitcoin treasury enterprise. Since 2024, the company has reoriented its corporate strategy around Bitcoin accumulation, launching initiatives like the "21 Million Plan" to scale its BTC holdings. The decision to issue Class B shares-rather than relying on traditional debt or common equity-was driven by the need to strengthen reserves amid market volatility and a net asset value (NAV) that has dipped below parity. The offering also clears the way for future public listings of Class B shares and aligns with a broader restructuring that includes canceling existing stock warrants and expanding authorized shares according to recent reports.

The new shares are part of a two-tier preferred equity structure introduced by Metaplanet. At the senior tier sits "MARS," a Class A preferred share with adjustable dividends that respond to stock price fluctuations, designed to stabilize income for investors while avoiding dilution of common shareholders. MERCURY, the junior Class B issuance, complements this by offering fixed returns and a conversion feature that could benefit from Bitcoin's long-term appreciation. The dual structure positions Metaplanet as the third Bitcoin treasury company-after MicroStrategy (MSTR) and Strive (ASSET)-to launch a perpetual preferred equity program.

Proceeds from the MERCURY offering will be split, with approximately ¥15 billion ($95 million) directed toward Bitcoin purchases and the remainder used to redeem corporate bonds and fund income-generating strategies. This follows a broader trend of institutional participation in corporate Bitcoin treasuries, as firms seek to capitalize on the asset's potential while mitigating liquidity risks. Metaplanet, which holds over 30,823 BTC, aims to solidify its position as one of Asia's largest corporate Bitcoin holders.

The issuance is subject to shareholder approval at a meeting scheduled for December 22, 2025. Management emphasized that the funds will enhance financial stability, support sustainable Bitcoin acquisition, and position the company for growth in both Japanese and global markets. With Bitcoin's price fluctuating amid macroeconomic uncertainties, Metaplanet's capital-raising strategy underscores the evolving intersection of traditional finance and crypto-native business models.