Metaplanet's Bitcoin Treasury Strategy: A New Paradigm for Yield and Liquidity in a Low-Rate World

The corporate finance landscape is undergoing a seismic shift as companies increasingly treat Bitcoin as a strategic treasury asset. By August 2025, public companies had amassed 951,000 BTC, valued at over $100 billion, with a 39% surge since Q1 2025 [1]. This trend, once dismissed as speculative, is now underpinned by regulatory clarity, macroeconomic pressures, and innovative capital structures. At the forefront of this movement is Metaplanet, a company leveraging preferred equity issuance to scale its Bitcoin treasury while balancing yield and liquidity in a low-rate environment.

Preferred equity has emerged as a critical tool for corporations seeking to allocate capital to Bitcoin without overburdening balance sheets. Unlike traditional debt or common equity, preferred equity offers a hybrid structure that prioritizes returns for investors while preserving flexibility for corporations. For instance, Michael Saylor’s Strategy Inc. raised $2.5 billion through a preferred stock offering to fund its Bitcoin accumulation strategy, acquiring 628,946 BTC—66% of the corporate Bitcoin treasury [4]. This approach allows firms to sidestep dilution risks associated with common equity while accessing capital at lower costs than high-yield debt.

The regulatory environment has further enabled this shift. The FASB’s 2025 rule permitting companies to report Bitcoin at fair market value has normalized its inclusion in corporate portfolios [2]. Simultaneously, the approval of spot Bitcoin ETFs like BlackRock’s IBIT and Fidelity’s FBTC has provided institutional-grade liquidity, attracting $132.5 billion in inflows since 2023 [5]. These developments have validated Bitcoin as a legitimate reserve asset, particularly in a world where central banks are constrained by near-zero interest rates and inflationary pressures.

However, the scalability of Bitcoin treasuries hinges on mitigating volatility and liquidity risks. Over 160 public companies now hold Bitcoin, but many finance their purchases through convertible debt or equity offerings, exposing them to market downturns [5]. Preferred equity, however, introduces a layer of stability. By structuring preferred equity with distribution waterfalls and anti-dilution rights, corporations can ensure priority returns for investors while retaining flexibility to adjust holdings based on market conditions [3]. For example, hybrid models combining staking yields and AI-driven hedging strategies are emerging to stabilize returns, as seen with BitFuFu and KULR Technology Group [1].

Critics argue that Bitcoin’s volatility remains a double-edged sword, warning of forced liquidations during market stress [6]. Yet, the broader trend suggests that corporations are prioritizing uncorrelated assets to hedge against currency debasement and geopolitical uncertainty. The U.S. government’s establishment of a Strategic Bitcoin Reserve underscores this logic, treating Bitcoin as a digital counterpart to gold [4]. For Metaplanet and peers, the challenge lies in optimizing capital structures to balance growth and risk.

Looking ahead, institutional investors project $330 billion in corporate Bitcoin allocations by 2030, driven by its low correlation with traditional assets and its ability to outperform gold and the S&P 500 [5]. The focus is shifting from “holding the most” to “managing the best,” with preferred equity serving as a bridge between innovation and prudence.

Source:
[1] Assessing the Long-Term Viability of Bitcoin Corporate Treasuries [https://www.ainvest.com/news/assessing-long-term-viability-bitcoin-corporate-treasuries-crowded-market-2508/]
[2] Legal Clarity Boosts Confidence in Bitcoin Treasury Strategies for Institutional Investors, Double Down on MicroStrategy (MSTR) Post-Lawsuit Dismissal [https://www.ainvest.com/news/legal-clarity-boosts-confidence-bitcoin-treasury-strategies-institutional-investors-double-microstrategy-mstr-post-lawsuit-dismissal-2508/]
[3] Navigating preferred equity in private funds: what to expect and key considerations [https://www.aoshearman.com/en/insights/navigating-preferred-equity-in-private-funds-what-to-expect-and-key-considerations]
[4] Top 10 Public Companies Holding BTC (2025 List) [https://www.demandsage.com/public-companies-holding-btc/]
[5] Corporate Treasuries Are Going Crypto [https://www.theglobaltreasurer.com/2025/06/09/corporate-crypto-treasury-expands-beyond-bitcoin/]