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Metaplanet plans to boost $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 full 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% 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 asking “MERCURY,” will provide holders a 4.9% mounted annual dividend and provides them the best to transform their most well-liked shares into frequent inventory at a conversion value of $6.34.
At present 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 choice for 20 consecutive buying and selling days. The shares may also 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% 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, based on 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 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 companies with greater than 50% of crypto belongings.
A preliminary checklist launched by MSCI exhibits 38 crypto corporations could also be excluded.
Preliminary checklist of corporations that is likely to be excluded (MSCI)
MSCI stated that some digital asset treasury corporations 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 modifications like this into session once they’re already leaning that means,”
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 observe the indexes rebalance their portfolios.
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