Metaplanet Proposes ¥555B Perpetual Share Issuance

Tokyo-based Metaplanet Inc. has filed a shelf registration to authorize up to ¥555 billion in perpetual preferred shares. The filing follows an August 1 board resolution and outlines plans to seek shareholder approval at an Extraordinary General Meeting (EGM) scheduled for September 1, 2025. CEO Simon Gerovich announced the EGM on X, noting that the company plans to “share a great deal about our future prospects.” He added that the company will hold a lottery to determine attendance due to limited venue capacity and will livestream the event for all shareholders.

Shelf Registration and Class Structure

Metaplanet’s proposed issuance includes two classes of perpetual preferred shares:

• Class A: Senior, non-convertible shares with priority in dividends and liquidation.
• Class B: Subordinate, convertible shares with a put option feature, allowing upside from price gains.

Each class is capped at ¥277.5 billion, with a combined issuance potential of ¥555 billion. The planned issuance period runs from August 9, 2025, to August 8, 2027.

While no issuance is guaranteed. The shelf registration gives Metaplanet the option to raise capital when market conditions align with its long-term objectives.

Amendments Focus on Flexibility and Governance

To proceed with the plan, Metaplanet will propose three amendments to its Articles of Incorporation during the September EGM. First, the company seeks to raise its authorized share count from 1.61 billion to 2.72 billion. Second, the company will allow general shareholder meetings to be held virtually without a physical venue. Third, it will amend the Articles to formally define the two classes of preferred shares, outlining their characteristics, issuance caps, and governance structure.

Bitcoin Plan Remains Central to Strategy

Metaplanet’s Bitcoin Treasury strategy remains the cornerstone of its capital planning. The company aims to accumulate up to 210,000 BTC by 2027. So far in 2025, its BTC yield has surged over 430%, with each capital raise significantly boosting Bitcoin holdings per diluted share. This shelf registration aligns with that roadmap, giving Metaplanet flexibility to fuel its treasury expansion without needing repeated shareholder approvals.

While the company has not yet initiated discussions with regulators or underwriters, issuance remains entirely optional. The signal is clear: Metaplanet is arming itself with tools to scale aggressively, on its own terms.