Metaplanet plans to raise $135 million to expand its Bitcoin holdings, doubling its assets even after it fell 33% from a record high on October 6.
The Japan-based Bitcoin Treasury company said this in a November 20 post announcement that it plans to issue 23.6 million Class B shares priced at 900 yen ($5.71) each, bringing total proceeds to 21.249 billion yen.
The offering will be made through a third-party allotment to foreign investors, subject to whether the plan receives approval from a shareholders meeting on December 22.
The announcement came as Bitcoin was on track for its worst monthly performance since June 2022, following the collapse of Do Kwon’s TerraUSD stablecoin. BTC has fallen more than 10% over the past 24 hours to trade at $81,956.25 as of 6:07 a.m. EST. CoinMarketCap shows.
Metaplanet offering comes with a 4.9% dividend
The new offering, which the company calls “MERCURY,” will provide holders with a fixed annual dividend of 4.9% and 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. 4.9% fixed dividend. ¥1,000 conversion fee. A new step in scaling Metaplanet’s Bitcoin treasury strategy. pic.twitter.com/UtnHA2lPRE
— Simon Gerovich (@gerovich) November 20, 2025
The company retains a market price call option that can be exercised if Metaplanet’s stock trades more than 130% above the liquidation preference for twenty consecutive trading days. The shares will also have no voting rights, but will have a redemption right in the event of specific events.
Metaplanet stock slides
Shares of Metaplanet are down more than 61% in the past six months and down 7% in the past 24 hours.
The mNAV (multiple Net Asset Value), his market capitalization divided by the value of the Bitcoin he owns, has fallen below 1 is at 0.98 as of 5:37 AM EST.
Metaplanet share price (Source: Google Finance)
Metaplanet is the fourth largest corporate Bitcoin holder worldwide with 30,823 BTC on its balance sheet. At current prices, the dollar value of these assets is $2.55 billion facts of Bitcoin Treasuries.
The company purchased its Bitcoin holdings at an average price of $108,036, resulting in an unrealized loss for the company of more than 23%.
MSCI could soon retire Metaplanet
Metaplanet may soon face additional problems following the news that MSCI is consulting with the investment community on whether companies with more than 50% of crypto assets should be excluded from its indexes.
A taste list A publication by MSCI shows that 38 crypto companies may be excluded.
Tentative List of Companies Potentially Excluded (MSCI)
MSCI said some digital asset treasuries may look more like mutual funds that are not eligible for inclusion in their indexes.
MSCI is “absolutely in favor of” the likelihood of MSCI excluding such companies, Charlie Sherry, head of finance at BTC Markets, told Cointelegraph. It “only brings these kinds of changes into consultation if they are already trending in that direction,”
JPMorgan estimates that if MSCI were to rule out Michael Saylor’s strategy, and other index providers did the same, it could take a $12 billion hit as passive investors who track the indexes rebalance their portfolios.
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