Metaplanet splashes out $3.6 billion to increase the position in Bitcoin! Japanese Bitcoin concept stocks submit a 555 billion yen preferred stock financing plan.

The Japanese listed company Metaplanet (Tokyo Stock Exchange code: 3350) submitted a shelf registration statement on August 1, planning to raise a maximum of 555 billion yen (approximately 3.6 billion USD) through the issuance of perpetual preferred shares, fully promoting its strategic goal of "holding 210,000 Bitcoins by 2027." The company also proposed to amend its articles of incorporation to increase authorized capital to 2.72 billion shares and establish a dual layer perpetual preferred share structure to meet the needs of investors with different risk preferences. Metaplanet currently holds 17,132 BTC (valued at approximately 2 billion USD), and its stock volume exceeded traditional giants like Toyota and Sony in June, becoming one of the most actively traded stocks on the Tokyo main board market.

1. The financing giant curtain opens: 555 billion yen preferred shares target 210,000 BTC The key points of the shelf registration statement submitted by Metaplanet include: * Financing Scale: Up to 555 billion yen (3.6 billion USD), funds will be exclusively used to increase Bitcoin holdings.

• Financing Tool: Issuance of Perpetual Preferred Shares, with a registration validity period from August 9, 2025 to August 8, 2027.
• Equity Structure Adjustment: Proposal to increase the authorized share capital to 2.72 billion shares, and establish two types of perpetual preferred shares: Class A and Class B. * Approval Process: Approval from shareholders is required at the special shareholders' meeting on September 1st, and there remains uncertainty regarding the listing permission for preferred shares.

2. Dual-class preferred stock design: balancing risk and return to attract diverse funding Metaplanet has innovatively designed two types of preferred stock, precisely targeting different investors: * Class A Preferred Shares (Low Risk Type):

• Similar to corporate bonds, offering a fixed dividend rate of up to 6%.
• Enjoy priority repayment rights during liquidation.
• No voting rights. * Class B Preferred Shares (Equity Conversion Type): * Grants the holder the right to convert into common stock through Put Option.
• No voting rights.
• Provide investors with a channel to participate in potential stock price increases. This structure is designed to attract conservative funds (Class A) seeking stable returns and aggressive capital (Class B) looking to share in the appreciation potential of Bitcoin, while avoiding further dilution of common stock.

3. Aggressive Accumulation: Position quadrupled in four months, average cost exceeds 100,000 USD The Bitcoin treasury strategy of Metaplanet has rapidly expanded since it became an official business line in December 2024:

• Position Surge: From less than 4,000 BTC in March to 17,132 BTC in July (worth approximately $2 billion). * Buying Rhythm: On July 28, purchased 780 BTC at an average price of $119,136 (approximately $92.93 million); on July 7, purchased 2,205 BTC for approximately $238.7 million. * Rising Costs: The overall average cost increased from $87,992 at the end of March to about $100,504. * Financing methods: Supported purchases through multiple bond redemptions and stock subscription rights exercises (accumulated financing of hundreds of billions of yen), resulting in a total share capital exceeding 866 million shares after complete dilution.
• Transparency Benchmark: CEO Simon Gerovich regularly provides Bitcoin Proof-of-Reserves, in contrast to MicroStrategy's approach.

4. Core Indicators: BTC Holdings Yield Outshines the Market Metaplanet has created the "BTC Yield" indicator, which measures the accumulation efficiency of Bitcoin relative to equity dilution: * Q2 2025: Reached 129.4% * From early 2025 to July 18: Up to 430.2% * Q4 2024: 309.8% This indicator intuitively reflects the execution efficiency of its strategy.

5. Market Heat: Volume Crushes Toyota and Sony, Becomes the King of Daily Stock Liquidity Metaplanet stocks are wildly sought after in the Japanese market:

• Volume Peak: The trading volume in June reached 1.86 trillion yen (12.65 billion USD), nearly doubling from May (997.6 billion yen), surpassing giants like Toyota and Sony, firmly securing a position among the top five most active stocks on the Tokyo Stock Exchange (since November 2024). * Stock price soars: Year-to-date increase exceeds 345%. * Underlying Reasons: The price of Japan's 30-year government bonds has plunged 45% since 2019, prompting Japanese institutions and retail investors seeking inflation-resistant assets to view Metaplanet as a transparent Bitcoin exposure proxy tool. Analysts believe its market value relative to net asset value (NAV) remains attractive.

6. Disputes and Challenges: Industry Doubts and Legal Risks Coexist Despite the strong momentum, Metaplanet's strategy is also under scrutiny:

• Sustainability Concerns: VanEck analyst Matthew Sigel warned that if the stock price approaches the Bitcoin net asset value, ongoing market issuance (ATM) could lead to equity dilution. Glassnode analyst James Check believes that the "lifespan" of many companies' treasury strategies is "shorter than expected."
• Legal Risk Spillover: New York law firm Pomerantz LLP has filed a class action lawsuit against MicroStrategy, accusing it of misleading investors regarding the profitability and risks of its Bitcoin investment strategy. This case serves as a wake-up call for similar companies.
• Aggressive Target: To achieve the target of 210,000 BTC, it is necessary to increase by 12.3 times based on the current holdings. Although this is still less than half of MicroStrategy's current holdings (597,325 BTC), the challenges of financing and execution are immense.

Conclusion: Metaplanet's 555 billion yen preferred stock financing plan marks a new phase for publicly listed companies in allocating Bitcoin into a "heavy capital, specialization" strategy. Its dual-layer preferred stock structure (Class A fixed income attributes, Class B equity conversion) is an innovative attempt to serve the crypto asset strategy with traditional financial instruments, providing a participation channel for capital with different risk appetites. Despite facing market volatility, regulatory uncertainties, and industry skepticism (such as sustainability and legal risks), Metaplanet has gained unprecedented popularity in the Japanese market through transparent disclosures (reserve proof) and original indicators (BTC Yield), surpassing traditional giants in volume. Whether it can achieve the grand target of 210,000 BTC depends on its sustained financing ability, Bitcoin price trends, and the smooth advancement of the preferred stock issuance plan. Regardless of success or failure, Metaplanet has become another important barometer for traditional capital markets embracing Bitcoin.