Metaplanet Eyes Massive ¥5.55 Trillion Crypto Push but Will It Actually Happen?

Key Takeaways:

Metaplanet seeks shareholder approval to issue up to ¥5.55 trillion ($35B) in preferred shares.
The capital raise is tied to an aggressive plan to acquire 210,000 BTC by 2027.
Despite the filing, no official decision has been made to issue the shares or list them.

In a bold move that could reshape Japan’s crypto landscape, Metaplanet Inc. often referred to as “Asia’s MicroStrategy” has proposed a sweeping capital restructuring plan aimed at scaling its Bitcoin acquisition strategy. But with regulatory hurdles, shareholder approval, and market conditions in play, the proposal’s path remains uncertain.

Metaplanet’s Bold BTC Vision Backed by ¥5.55 Trillion Fundraising Capacity

Metaplanet announced a proposal to issue two new types of perpetual preferred shares: non-convertible Class A and convertible Class B. The plan, which would allow for the issuance of up to ¥5.55 trillion (approximately $35 billion USD) in preferred stock, is intended to create flexibility for future capital raises supporting its Bitcoin treasury strategy.

The company plans to increase its Bitcoin holdings to an astonishing 210,000 BTC by 2027 as compared to the ancient target that it had previously released in January 2025. Relative to that, the number for Metaplanet would have resulted in one of the largest BTC holders in the whole world second to MicroStrategy.

At present, Metaplanet carries one of the fastest expanding portfolios of Bitcoins among publicly listed corporations in Asia with its BTC yield (post-dilution per-share BTC growth rate) jumping 430.2% YTD as of July 18, 2025. This number demonstrates the fivefold proliferation in the number of Bitcoin per share since the start of the year.

Regulatory and Shareholder Hurdles Remain

While the headlines may suggest imminent execution, the company emphasized that this is not a definitive issuance yet. In a filing submitted alongside the announcement, Metaplanet clarified that the actual issuance of the preferred shares will require further discussion with investors, regulatory approval, and a successful shareholder vote scheduled for September 1, 2025.

Temporary Plans, No Listing Confirmed

Notably, Metaplanet has not started the preliminary consultation process with the Tokyo Stock Exchange to list these shares. This step is typically mandatory for getting preferred stock onto public markets. In short: while the issuance could lead to a listing, it’s far from guaranteed.

To this confusion, there is the fact that the proposed involves partial amendment of the article of incorporation of the company signifying that the firm is taking a preparatory measure instead of a definite issuance. Essentially what Metaplanet is doing is constructing legal facilities of issuance rather than carrying it out at the present time

Bitcoin Strategy Fuels Capital Expansion

At the core of Metaplanet’s capital maneuvering is its aggressive Bitcoin strategy. The company’s aim to accumulate 210,000 BTC would require a substantial war chest. With Bitcoin prices hovering around ¥10 million (~$65,000) per coin, such a goal implies a total investment exceeding ¥2.1 trillion ($13.5 billion), making the proposed ¥5.55 trillion issuance more than sufficient to support its plans, even allowing for volatility or other uses.

This shift makes Metaplanet a digital asset-first corporation similar to any U.S. corporation such as, MicroStrategy. It is also indicative of a larger trend of how corporate treasuries are changing providing, in an inflation-hedging and fiat-doubting world.

In March, internal filings showed that the company upped the amount of authorized common shares that it could issue, to 2.72 billion, against 1.61 billion previously, and it intends to retain such potent flexibility in the future, as well.

Why It Matters for Crypto Markets

If realized, Metaplanet’s capital raise and BTC accumulation would dramatically increase institutional exposure to Bitcoin from Asia, particularly Japan, an economy historically cautious with speculative assets. The company’s commitment to perpetual shares (especially convertible B-shares) hints at a long-term strategic belief in BTC’s price trajectory and role as a reserve asset.

The move may also signal rising interest in non-U.S. crypto treasury models, offering a possible case study for companies looking to balance fiat volatility with crypto reserves in compliance-heavy jurisdictions.

Metaplanet’s extraordinary proposal may not immediately translate into a flood of capital into Bitcoin, but it sets the tone for what could become one of the largest corporate BTC bets in Asia. Investors will be watching the September 1 shareholder meeting closely, as well as any regulatory dialogue in the months ahead.

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