A Japanese investment firm is making waves in financial markets with an unprecedented move to substantially increase its Bitcoin holdings. Metaplanet has unveiled an ambitious capital-raising program, internally designated “MERCURY,” designed to fund a massive expansion of its cryptocurrency treasury. This strategic shift represents one of the most aggressive corporate Bitcoin accumulation strategies in Asia, raising questions about its potential impact on shareholder value and market positioning.
Capital Initiative Structure and Timeline
The company’s financing strategy involves issuing approximately 23.61 million Class B preferred shares, targeting total proceeds of about ¥21.25 billion. This substantial capital raise specifically targets international institutional investors rather than retail participants.
Key terms of the financing arrangement include:
* Fixed Dividend: Investors will receive an annual guaranteed return of 4.9%
* Conversion Feature: The preferred shares carry a conversion option to common stock at ¥1,000 per share
* Implementation Schedule: Settlement and funding are scheduled for December 29, 2025
* Approval Requirement: The transaction requires shareholder endorsement at an extraordinary general meeting convened for December 22
Strategic Allocation of Proceeds
Rather than directing all capital exclusively toward Bitcoin acquisition, Metaplanet has outlined a disciplined capital allocation framework. The company plans to distribute the raised funds across three distinct purposes, balancing aggressive cryptocurrency investment with financial stability.
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Approximately ¥15 billion has been earmarked for direct Bitcoin purchases between December 2025 and March 2026, representing the core strategic initiative. Simultaneously, the company will allocate ¥3.75 billion to retire existing corporate bonds, reducing interest expenses and strengthening the balance sheet. An additional ¥1.67 billion will support general corporate operations and working capital requirements.
Valuation Discrepancy and Market Opportunity
Market analysts have noted a significant divergence between Metaplanet’s market capitalization and its underlying asset value. With current shares trading around ¥387 and the company holding 30,823 BTC (valued at approximately $2.8 billion), the stock reflects a substantial discount to net asset value.
The company’s decision to utilize preferred shares rather than common equity appears strategically designed to minimize immediate dilution for existing shareholders while securing necessary capital for Bitcoin accumulation. This hybrid approach has attracted institutional interest at effective prices significantly above current trading levels, indicating confidence in the company’s strategic direction.
Market technicians observe the shares are consolidating within a defined range as investors assess whether the planned ¥15 billion Bitcoin purchasing power will catalyze a revaluation toward the company’s fundamental asset value. The upcoming December 22 shareholder vote represents the critical next step, with approval potentially positioning Metaplanet as a dominant Asian corporate Bitcoin holder entering 2026.
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