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Metaplanet plans to lift $135 million to develop its Bitcoin holdings, doubling down on the asset even after it plunged 33% from an all-time excessive on Oct. 6.
The Japan-based Bitcoin treasury agency stated in a Nov. 20 announcement that it plans to problem 23.6 million Class B shares priced at 900 yen ($5.71) every, bringing the whole elevate to 21.249 billion yen.
The providing shall be executed via a third-party allotment to abroad buyers relying on whether or not the plan receives approval from a shareholder assembly on Dec. 22.
The announcement got here as Bitcoin headed for its worst month-to-month efficiency since June 2022, following the collapse of Do Kwon’s TerraUSD stablecoin. BTC has plummeted greater than 10% prior to now 24 hours to commerce at $81,956.25 as of 6:07 a.m. EST, CoinMarketCap reveals.
Metaplanet Providing Comes With 4.9% Dividend
The brand new providing, which the corporate is looking “MERCURY,” will supply holders a 4.9% mounted annual dividend and provides them the suitable to transform their most well-liked shares into frequent inventory at a conversion value of $6.34.
At the moment we introduced MERCURY, our new Class B perpetual most well-liked fairness. 4.9% mounted dividend. ¥1,000 conversion value. A brand new step in scaling Metaplanet’s Bitcoin treasury technique. pic.twitter.com/UtnHA2lPRE
— Simon Gerovich (@gerovich) November 20, 2025
The corporate will retain a market-price name possibility that may be exercised if Metaplanet’s inventory trades greater than 130% above the liquidation desire for 20 consecutive buying and selling days. The shares will even include no voting energy, however will carry redemption rights below particular occasions.
Metaplanet Inventory Slides
Metaplanet shares have plunged greater than 61% prior to now six months and tumbled 7% in the course of the previous 24 hours.
Its mNAV (a number of Web Asset Worth), which is its market cap divided by the worth of the Bitcoin it holds, has dropped beneath 1 to face at 0.98 as of 5:37 a.m. EST.
Metaplanet share value (Supply: Google Finance)
Metaplanet is the fourth-largest company Bitcoin holder globally with 30,823 BTC on its steadiness sheet. At present costs, the greenback worth of those holdings equates to $2.55 billion, based on knowledge from Bitcoin Treasuries.
The agency bought its Bitcoin holdings at a median value of $108,036, leading to an unrealized loss for the corporate of greater than 23%.
MSCI Might Quickly Axe Metaplanet
Metaplanet might quickly face extra issues after information that MSCI is consulting with the funding neighborhood on whether or not to exclude from its indexes corporations with greater than 50% of crypto property.
A preliminary listing launched by MSCI reveals 38 crypto corporations could also be excluded.
Preliminary listing of corporations that could be excluded (MSCI)
MSCI stated that some digital asset treasury corporations could also be extra much like funding funds that aren’t eligible for inclusion in its indexes.
The Odds that MSCI excludes such corporations are ”solidly in favor of it,” Charlie Sherry, head of finance at BTC Markets, advised CoinTelegraph. It ”solely places adjustments like this into session after they’re already leaning that method,”
JPMorgan estimates that if the MSCI excluded Michael Saylor’s Technique, and different index suppliers did the identical, it may face a $12 billion hit as passive buyers that monitor the indexes rebalance their portfolios.
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