Metaplanet, a Tokyo-registered company focusing on Bitcoin financial strategy, has announced its new “Phase II” initiative.
This mechanism is designed to reduce the dilution of common stocks while maintaining the company’s aggressive accumulation pace.
The company has already set up an ambitious “555 million plan” aimed at 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. According to the latest disclosures, Metaplanet holds approximately 30,823 BTC.
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BTC Treasuries said Metaplanet has turned Adam’s company overturned and ranked fourth in global Bitcoin Holdings.
Metaplanet previously funded its shareholders through diluted stock issues, and has helped to gain market visibility, including inclusion in the FTSE Japan Index. The broader trends show that more Japanese companies are adopting Bitcoin as their financial assets and are seeking diversification along with global peers like microstrategy.
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In Phase II, Metaplanet issues permanent preferred shares with a 6% upper dividend yield. This structure provides stable returns for investors, but a valuation of Bitcoin beyond that level comes to the company’s corporate value.
Management claims that the model preserves MNAV (Bitcoin exposure per share) without further diluting common fairness.
In parallel, Metaplanet outlined plans to expand its “Bitcoin.jp” platform, which aims to consolidate education, events and services to enhance Japan’s Bitcoin infrastructure.
Skeptics warn that permanent preferred stocks are at risk of interest rates, which could lead to Bitcoin performance. Market analysts also warn that forced liquidation during the sale of shares could ripple into the Bitcoin market, adding volatility.
“Metaplanet’s Bitcoin Revenue Generation Segment recorded quarterly revenue growth of 115.7%, urging it to double its 2025 revenue guidance. These results strengthen the foundation for planned preferred stock issuances that support Bitcoin’s financial strategy.”
