Metaplanet Issues Class B Preferred Shares for ¥21.249B to Increase BTC and Refinance

Metaplanet issues Class B Preferred Shares for ¥21.249B to increase BTC, setting a fixed dividend rate of 4.9% per annum on ¥1,000 par, a conversion price of ¥1,000, redemption triggers upon delisting, and intended use of proceeds for purchasing Bitcoin, Bitcoin Income Generation, and bond repayment.

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Key Instrument Terms and Holder Protections

According to the official publications, Class B Preferred Shares carry no voting rights and pay a fixed dividend of 4.9% per annum on ¥1,000 par, equivalent to ¥12.25 per quarter; for 4Q25, the dividend is prorated for the accrual period. Holders have a right to convert into common shares at a ¥1,000 conversion price, as well as a cash redemption right if the shares are not listed on the Tokyo Stock Exchange by the 20th business day after December 29, 2026, plus additional redemption triggers upon specified corporate events. Issuer call provisions are included, including a right to redeem when the market price exceeds the liquidation preference amount by an agreed threshold, no earlier than the specified date.

Demand Structure, Valuation, and Dilution

An independent fair value assessment by Akasaka International Accounting Co., Ltd. sets a range of ¥858–¥912; the issue (subscription) price of ¥900 lies within that range. The ¥1,000 conversion price is materially above the November 19, 2025, close of the common shares, which reduces the risk of immediate dilution.

Use of Proceeds and Positioning Within the Bitcoin Treasury Strategy

Net proceeds are planned for purchasing Bitcoin in December 2025–March 2026, to top up the margin for Bitcoin Income Generation over the same period, and to redeem the 19th series bonds on December 29, 2025. The company is also structuring its preferred share lineup as instruments segmented by yield profile and upside participation, consistent with its Bitcoin Treasury model.

Conclusion

The Class B issuance combines fixed income with potential upside via conversion, while holders receive protective provisions for delisting and corporate events. For existing shareholders, the key points remain the high conversion price as a guardrail against early dilution, the priority of preferreds in distributions, and the targeted deployment of proceeds into BTC operations, which the company positions as aligned with the preferreds’ dividend policy and its stated Bitcoin strategy. Stay tuned for the latest updates and opportunities in the new economy, crypto industry, and blockchain developments.