Shareholders Approve Capital Structure Overhaul
Metaplanet has secured shareholder approval to revamp its capital structure, giving the company the green light for a large-scale fundraising initiative. The plan could generate up to ¥555 billion (around $3.7 billion) through new share issuances, fueling an ambitious goal of accumulating 210,000 BTC by 2027.
The approved changes expand authorized shares to 2.7 billion and introduce a dual-class preferred share system:
- Class A shares provide fixed dividends, catering to income-focused investors.
- Class B shares carry higher risk but can convert into common stock, offering growth potential.
This structure allows Metaplanet to raise significant capital while limiting dilution for existing shareholders.
Registration and Next Steps
The company has already filed a shelf registration, effective from August 9, 2025, through August 8, 2027. This gives Metaplanet flexibility to issue securities gradually, depending on market conditions. Specific issuance details will still need board approval and regulatory clearance.
Currently, the company holds between 17,000 and 20,000 BTC, valued at over $2 billion. Its stock price has surged more than 345% this year as it shifted from hotel operations to becoming a Bitcoin accumulation firm.
Aiming to Become a Bitcoin Powerhouse
If successful, Metaplanet’s plan would multiply its holdings more than twelvefold, positioning it as the world’s second-largest corporate Bitcoin holder—just behind the U.S.-based firm Strategy, which controls over 597,000 BTC.
CEO Simon Gerovich has emphasized that Bitcoin is not only a reserve asset but also collateral for acquiring profitable businesses, especially in digital finance. Unlike traditional debt financing, preferred shares give the company flexibility without fixed repayment obligations.
The strategy mirrors the playbook of U.S. companies that pioneered Bitcoin-backed fundraising. While critics dismiss the approach as speculative, Gerovich has been vocal in encouraging skeptics to challenge the company in the market.
