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Metaplanet plans to boost $135 million to increase 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 concern 23.6 million Class B shares priced at 900 yen ($5.71) every, bringing the overall increase to 21.249 billion yen.
The providing shall be executed via a third-party allotment to abroad traders 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% up 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 asking “MERCURY,” will supply holders a 4.9% mounted annual dividend and provides them the appropriate to transform their most well-liked shares into frequent inventory at a conversion worth of $6.34.
In the present day we introduced MERCURY, our new Class B perpetual most well-liked fairness. 4.9% mounted dividend. ¥1,000 conversion worth. 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 choice 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 also include no voting energy, however will carry redemption rights beneath particular occasions.
Metaplanet Inventory Slides
Metaplanet shares have plunged greater than 61% up to now six months and tumbled 7% throughout the previous 24 hours.
Its mNAV (a number of Internet Asset Worth), which is its market cap divided by the worth of the Bitcoin it holds, has dropped under 1 to face at 0.98 as of 5:37 a.m. EST.
Metaplanet share worth (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, in keeping with information from Bitcoin Treasuries.
The agency bought its Bitcoin holdings at a mean worth of $108,036, leading to an unrealized loss for the corporate of greater than 23%.
MSCI Might Quickly Axe Metaplanet
Metaplanet could quickly face further issues after information that MSCI is consulting with the funding neighborhood on whether or not to exclude from its indexes companies with greater than 50% of crypto belongings.
A preliminary record launched by MSCI exhibits 38 crypto firms could also be excluded.
Preliminary record of firms that could be excluded (MSCI)
MSCI stated 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, advised CoinTelegraph. It ”solely places modifications 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 may face a $12 billion hit as passive traders that monitor the indexes rebalance their portfolios.
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