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Metaplanet plans to lift $135 million to broaden 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 mentioned in a Nov. 20 announcement that it plans to concern 23.6 million Class B shares priced at 900 yen ($5.71) every, bringing the entire increase to 21.249 billion yen.
The providing might be executed by way of 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 exhibits.
Metaplanet Providing Comes With 4.9% Dividend
The brand new providing, which the corporate is looking “MERCURY,” will provide holders a 4.9% fastened annual dividend and provides them the proper to transform their most well-liked shares into widespread inventory at a conversion value of $6.34.
As we speak we introduced MERCURY, our new Class B perpetual most well-liked fairness. 4.9% fastened 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 may even include no voting energy, however will carry redemption rights underneath particular occasions.
Metaplanet Inventory Slides
Metaplanet shares have plunged greater than 61% prior to now six months and tumbled 7% throughout 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 stability sheet. At present costs, the greenback worth of those holdings equates to $2.55 billion, in line with knowledge from Bitcoin Treasuries.
The agency bought its Bitcoin holdings at a mean value of $108,036, leading to an unrealized loss for the corporate of greater than 23%.
MSCI May Quickly Axe Metaplanet
Metaplanet might quickly face further issues after information that MSCI is consulting with the funding group on whether or not to exclude from its indexes companies with greater than 50% of crypto property.
A preliminary checklist launched by MSCI exhibits 38 crypto firms could also be excluded.
Preliminary checklist of firms that is perhaps excluded (MSCI)
MSCI mentioned that some digital asset treasury firms could also be extra just like funding funds that aren’t eligible for inclusion in its indexes.
The Odds that MSCI excludes such companies are ”solidly in favor of it,” Charlie Sherry, head of finance at BTC Markets, informed CoinTelegraph. It ”solely places adjustments like this into session once 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 might face a $12 billion hit as passive buyers that monitor the indexes rebalance their portfolios.
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