Metaplanet to Release Class B Shares Through Third-Party Distribution

Metaplanet Inc., listed in Tokyo, has sanctioned the issuance of newly established Class B shares through a third-party allotment, representing a significant advancement in the company’s long-term capital strategy after its shift to a global Bitcoin treasury operation.

*Notice Regarding Issuance of Class B Preferred Shares through Third-Party Allotment* pic.twitter.com/AmzR3wJtzd

— Metaplanet Inc. (@Metaplanet) November 20, 2025

The issuance, set for December 29, is expected to generate up to ¥21.2 billion (approximately $142 million) in fresh capital to expedite its investment and Bitcoin acquisition initiatives.

This announcement followed a board meeting on November 20, during which directors also ratified related changes to capital and capital reserve distributions.

The company aims to enhance its Bitcoin holdings and corporate valuation through a structured issuance aimed at attracting long-term institutional investors.

Issuance Details and Structure

The proposed offering will comprise 23.61 million Class B shares priced at ¥900 each, yielding total proceeds of ¥21.249 billion. The shares will be distributed to selected investors under a third-party allotment arrangement.

The company emphasized that all payments must be finalized by December 29, 2025, with shares issued via overseas settlement systems.

The Class B structure—established to facilitate Metaplanet’s transition to a Bitcoin-centric corporate strategy—offers distinct rights that ensure alignment between long-term investors and the company’s Bitcoin treasury goals.

This issuance follows the expiration or cancellation of previously planned stock acquisition rights, including the 2025 EVO FUND-linked warrants, paving the way for this new capital-raising effort.

Strategic Rationale: Strengthening the Bitcoin Treasury Model

Since 2024, Metaplanet has redefined itself as a “Bitcoin treasury enterprise,” dedicating its corporate reserves to long-term Bitcoin accumulation. The company introduced its “21 Million Plan” and later the “555 Million Plan,” showcasing its goal to increase BTC holdings as a primary asset.

Market fluctuations and external factors, such as changes in global Bitcoin miner-related equities, led the company to reassess its capital structure. With the company’s MNAV (market value of Bitcoin-adjusted net asset value) occasionally dipping below parity, management concluded that bolstering capital reserves was crucial for safeguarding shareholder value.

Metaplanet determined that issuing preferred-like Class B shares—rather than depending on conventional debt or further dilution through common shares—was the most efficient method to secure strategic funding, enhance the market’s comprehension of its valuation model, and facilitate long-term price discovery.

Use of Proceeds and Future Outlook

Proceeds from this issuance will be directed towards expanding Bitcoin holdings, corporate investments, and broader Bitcoin infrastructure projects that align with the company’s treasury strategy.

The issuance also positions Metaplanet for a potential future public offering of Class B shares, with management indicating that further listing preparations will commence once market conditions are favorable.

Metaplanet stated that the new capital will support the sustainable execution of its Bitcoin acquisition strategy, improve financial stability, and prepare the company for long-term growth in both Japan and international markets.

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