Metaplanet plans $135 million raise to buy more beaten-down Bitcoin

Metaplanet plans to raise $135 million to expand its Bitcoin holdings, doubling the asset even after it plunged 33% from its October 6 all-time high.

The Japan-based Bitcoin treasury company said in a Nov. 20 statement announcement that it plans to issue 23.6 million Class B shares at a price of 900 yen ($5.71) each, bringing the total increase to 21.249 billion yen.

The offering will be executed through a third-party allocation to foreign investors, depending on whether the plan receives approval at a December 22 shareholder meeting.

The announcement came as Bitcoin headed for its worst monthly performance since June 2022, following the collapse of Do Kwon’s TerraUSD stablecoin. BTC fell more than 10% in the past 24 hours to trade at $81,956.25 as of 6:07 a.m. EST, CoinMarketCap watch.

The Metaplanet offer comes with a dividend of 4.9%

The new offering, which the company calls “MERCURY,” will provide holders with a fixed annual dividend of 4.9% and give them the right to convert their preferred shares into common shares at a conversion price of $6.34.

Today we announced MERCURY, our new Class B perpetual preferred stock. Fixed dividend of 4.9%. Conversion price ¥1,000. Another step in scaling Metaplanet’s Bitcoin treasury strategy. pic.twitter.com/UtnHA2lPRE

– Simon Gerovitch (@gerovitch) November 20, 2025

The Company will maintain a mark-to-market call option that may be exercised if Metaplanet’s shares trade more than 130% above the liquidation preference for 20 consecutive trading days. The shares will also carry no voting rights, but will carry redemption rights in the event of specific events.

Metaplanet Action Slides

Metaplanet shares have plunged more than 61% in the past six months and 7% in the past 24 hours.

His mNAV (multiple Net Asset Value), which is his market capitalization divided by the value of the Bitcoin he holds, has fallen below 1 to settle at 0.98 at 5:37 a.m. EST.

Metaplanet share price (Source: Google Finance)

Metaplanet is the fourth largest Bitcoin holding company in the world with 30,823 BTC on its balance sheet. At current prices, the dollar value of these holdings is equivalent to $2.55 billion, according to data Bitcoin Treasures.

The company purchased its Bitcoin holdings at an average price of $108,036, resulting in an unrealized loss for the company of over 23%.

MSCI could soon take down the metaplanet

Metaplanet may soon face additional problems after the announcement that MSCI is consulting the investment community on whether to exclude companies with more than 50% crypto assets from its indices.

A preliminary list published by MSCI shows that 38 crypto companies can be excluded.

Preliminary list of companies likely to be excluded (MSCI)

MSCI said some digital asset treasury companies may be more like investment funds that are not eligible for inclusion in its indexes.

The chances of MSCI excluding these companies are “strongly favorable,” Charlie Sherry, head of finance at BTC Markets, told CoinTelegraph. It “only submits changes like this for consultation when they are already leaning in that direction”.

JPMorgan estimates that if MSCI excluded Michael Saylor’s strategy and other index providers did the same, it could face a $12 billion loss as passive investors who follow the indexes rebalance their portfolios.

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