Metaplanet refinances, issues preferred shares to fund bitcoin strategy

Metaplanet, Inc. announced on November 20, 2025, a refinancing plan involving the acquisition and cancellation of 20th-22nd series share options and the issuance of 23rd and 24th series share options to EVO FUND. Concurrently, the company will issue 23,610,000 Class B Preferred Shares at 900 yen per share through a third-party allotment to institutional investors, raising 21,249,000,000 yen for bitcoin acquisitions and related income generation. The Class B shares offer fixed quarterly dividends and conversion to common shares linked to equity value, positioned to attract institutional investors and enhance market understanding ahead of a potential IPO.

This strategic move aims to reduce potential common share dilution from 39.95% to 2.07% while supporting Metaplanet's "Bitcoin Treasury Corporation" strategy. Funds raised from both the new share options and preferred shares, totaling approximately 168,078,850,000 yen, will primarily be allocated to bitcoin purchases (146,780,000,000 yen), bitcoin income generation (16,308,000,000 yen), and the redemption of the 19th Series Straight Bonds (3,750,000,000 yen). The company also seeks shareholder approval to amend its Articles of Incorporation, reducing capital stock and capital reserves to enhance financial flexibility.