In a bold move that has captured market attention, Japanese investment firm Metaplanet is significantly expanding its Bitcoin holdings despite recent price volatility. The company’s shares edged up to 387 JPY following the announcement of a substantial new capital initiative designed to fuel further cryptocurrency acquisitions.
Strategic Capital Raise Through “MERCURY” Program
Metaplanet’s board has approved the issuance of 23.61 million Class B preferred shares under the codename “MERCURY.” This financial instrument aims to raise approximately 21.25 billion yen (equivalent to $135 million) from international institutional investors, with proceeds primarily earmarked for expanding the company’s Bitcoin portfolio.
The offering presents several key features to attract capital:
* Pricing: Shares are available at 900 yen each
* Dividend Yield: Investors receive a fixed annual rate of 4.9%, distributed quarterly
* Conversion Option: Holders can convert to common shares at a strike price of 1,000 yen
* Timeline: The capital infusion is scheduled for completion by late December 2025
This strategic financing solidifies Metaplanet’s position as Asia’s leading corporate holder of Bitcoin, building upon its existing substantial cryptocurrency reserves.
Navigating Valuation Discrepancies
The capital raise comes at a critical juncture for Metaplanet, with shares currently trading approximately 80% below their June 2025 peak. Market analysts note the peculiar situation where the company’s market valuation sits below the value of the Bitcoin it currently holds.
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The stock currently trades at a discount to its net asset value, with NAV ratios between 0.88 and 0.96. Company leadership aims to address this valuation gap by separating long-term strategic capital through the MERCURY initiative from short-term market speculation.
Expanding an Already Substantial Bitcoin Treasury
Metaplanet’s existing cryptocurrency holdings amount to approximately 30,823 BTC, representing a current market value of roughly $2.8 billion. The net proceeds from the new funding round are expected to further augment this position between December 2025 and March 2026.
Concurrently, the company is streamlining its financial structure by eliminating previous funding obligations and establishing new arrangements with the Evo Fund. These moves are designed to create a cleaner capital structure for future strategic initiatives.
Market participants are now focused on December 22, when an extraordinary general meeting will determine whether Metaplanet receives approval to advance this high-stakes Bitcoin accumulation strategy. The outcome could significantly influence the company’s trajectory as it continues its aggressive positioning in digital assets.
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