Metaplanet Raises $135M for Bitcoin as Saylor Says “We Can Survive 80% Crash”
Tokyo-listed Metaplanet has permitted a $135 million perpetual most well-liked share providing to fund Bitcoin acquisitions, whereas Strategy founder Michael Saylor defended company treasury methods amid mounting market volatility.
The Japanese agency’s Class B preferred shares carry a 4.9% mounted dividend and a ¥1,000 conversion worth, as Asia’s largest Bitcoin treasury firm doubles down on digital asset accumulation regardless of buying and selling under the worth of its crypto holdings.
Metaplanet’s board resolved on November 20 to concern 23.61 million Class B most well-liked shares by means of third-party allotment to abroad institutional traders, elevating ¥21.25 billion ($135M) with estimated internet proceeds of ¥20.41 billion ($130M) after bills.
The fee date is scheduled for December 29, pending shareholder approval at a rare normal assembly on December 22.
The Class B shares, branded “MERCURY” for Metaplanet Convertible for Return & Yield, mix quarterly mounted dividends with fairness upside by means of conversion rights into widespread inventory.
Each most well-liked share entitles holders to ¥12.25 ($0.08) in annual dividends distributed quarterly, although the preliminary interval ending December 31 pays simply ¥0.40 ($0.003) per share.
The conversion worth sits considerably above Metaplanet’s November 19 closing worth of ¥375 ($2.40), limiting rapid dilution issues.
Representative Director Simon Gerovich said the construction goals to “reduce dilution from widespread share issuances whereas persevering with to develop BTC holdings,” calling it a “new step in scaling” their Bitcoin treasury technique.
Saylor Dismisses Volatility Concerns
Michael Saylor pushed again towards issues about Bitcoin treasury fashions throughout a November 14 CNBC interview, declaring that Strategy “can face up to an 80%–90% drawdown and preserve working” regardless of latest market turbulence.
The govt chairman emphasised that his firm maintains minimal leverage at simply 1.15 occasions, with debt extending for 4.5 years.
“If you wish to trip the rocket, you bought to be ready to drag the G’s,” Saylor stated, noting Bitcoin has skilled six main drawdowns over 5 years whereas nonetheless delivering 50% common annual returns.
He in contrast Strategy’s 71% five-year efficiency to Nvidia, asserting no S&P inventory has carried out higher over that interval.
As uncovered in the present day, Strategy faces potential exclusion from the MSCI USA and Nasdaq 100 indexes as suppliers reassess corporations whose steadiness sheets are dominated by digital belongings.
JPMorgan analysts estimated MSCI removing alone might set off as much as $2.8 billion in outflows from passive funds, with selections anticipated by January 15.
MSCI proposed in October consultations to exclude corporations whose digital asset holdings exceed 50% of complete belongings, viewing such corporations as nearer to funding funds somewhat than working companies.
Strategy’s inventory has plunged over 60% from its November 2024 document highs, although it stays up greater than 1,300% since initiating Bitcoin purchases in August 2020.
The Bitcoin treasury sector has entered what Coinbase Research describes as a “player-versus-player” aggressive part, with 26 of 168 corporations now buying and selling under their crypto reserves.
Industry-wide premiums compressed from 3.76 occasions internet asset worth in April to 2.8 occasions at present as month-to-month company Bitcoin adoption dropped 95% since July.
Metaplanet grew to become the primary main treasury firm to constantly commerce under its holdings in October, prompting a 75 billion yen share repurchase program backed by a $500 million credit facility.
Metaplanet deploys $500 million credit score facility for share buybacks as Bitcoin treasury corporations face declining valuations and mounting aggressive stress.https://t.co/UFe4FouvW6
— Cryptonews.com (@cryptonews) October 28, 2025
Strategy continues aggressive accumulation regardless of headwinds, buying 8,178 Bitcoin this week at $102,171 per coin, lifting complete holdings to 649,870 tokens.
Saylor maintained that Bitcoin will proceed to outperform gold and the S&P 500, describing the asset as “digital capital” for long-term traders.
“No wealthy individual needs to purchase the forex as an alternative of an fairness or an actual property or a capital asset,” he stated, dismissing issues that stablecoin progress might crowd out Bitcoin’s use case whereas confirming Strategy is “shopping for rather a lot truly” at present worth ranges.
For Metaplanet, this new most well-liked share issuance is a strategic pivot towards diversified capital buildings as treasury corporations navigate compressed valuations.
The agency initially plans to restrict most well-liked issuance to 25% of Bitcoin’s internet asset worth to keep away from extreme leverage whereas progressively constructing efficiency monitor data and cultivating the popular fairness market for potential future listings.
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