Metaplanet shareholders approve $3.8b plan with preferred shares

Metaplanet, a Japanese hotel operator that now holds bitcoin as part of its treasury, has received shareholder approval to issue up to 555 billion yen (US$3.8 billion) in preferred shares.

The vote took place at a meeting in Tokyo on September 1, 2025, after a recent drop in the company’s stock price.

Preferred shares are a type of security that combines aspects of equity and debt.

Metaplanet has also announced plans to raise about 130 billion yen (US$1.65 billion) through an overseas stock offering.

According to its website, the company holds about 20,000 bitcoin and has raised over 242 billion yen to buy more this year through an agreement with Evo Fund.

The company’s shares have fallen 56% since hitting a high in June, after a sharp rise earlier in 2025.

🔗 Source: Bloomberg

🧠 Food for thought

1️⃣ Bitcoin treasury companies increasingly rely on preferred shares to fund aggressive accumulation strategies

Metaplanet’s $3.8 billion preferred share authorization follows a playbook pioneered by MicroStrategy, which raised $5.6 billion through preferred shares in 2025 alone. This financing approach allows companies to raise substantial capital without immediately diluting existing shareholders, as preferred shares typically convert to common stock only under specific conditions.

The strategy reflects the challenge these companies face in keeping pace with Bitcoin accumulation goals while managing shareholder concerns about dilution.

Metaplanet’s ambitious target of reaching 210,000 BTC by 2027—more than ten times its current 20,000 BTC holdings—demonstrates how corporate Bitcoin strategies have evolved from modest treasury diversification to massive capital deployment.

2️⃣ Corporate Bitcoin race intensifies as companies compete for treasury rankings

Metaplanet’s rise to become the sixth-largest corporate Bitcoin holder with 20,000 BTC illustrates how quickly the competitive landscape is shifting in corporate Bitcoin accumulation.

The company started its Bitcoin purchases only in April 2024, yet has already surpassed established players like Riot Platforms in total holdings.

This rapid ascent contrasts sharply with MicroStrategy’s position as the dominant leader with 632,457 BTC—a holding that took nearly five years to accumulate since the company’s initial $250 million Bitcoin investment in August 2020.