Metaplanet Inc. (TYO: 3350, OTCQX: MTPLF) today filed a shelf registration statement authorizing up to ¥555 billion ($3.7 billion) of perpetual preferred shares.
At its August 1 board meeting, the company approved three proposals for the shareholder vote: expanding its total authorized shares, permitting virtual‐only general meetings, and establishing two classes of perpetual preferred shares .
Under the new provisions, Metaplanet may issue Class A and Class B perpetual preferred shares, each up to ¥277.5 billion in “Paid-in Amount,” in 100-share units. Dividends on both classes will be set by Board resolution at “not exceeding 6%” per annum of paid-in amount, with any unpaid dividends accruing simple interest. Class A shares rank senior in dividends and asset distributions but carry no voting rights. Class B shares rank junior and include a put option allowing holders to require conversion into common shares at prescribed times and rates.
The shelf registration covers issues from August 9, 2025, through August 8, 2027, with net proceeds earmarked for further Bitcoin acquisitions under Metaplanet’s “Bitcoin Plan” to hold 210,000 BTC by 2027. To date, the company has achieved a year-to-date BTC yield of 430.2% as of July 18, 2025.
No final decision on the timing, pricing or listing of the preferred shares has been made. The Extraordinary General Meeting and the effective date for the Articles amendments are both set for September 1, 2025, pending shareholder approval.
The filing comes after Strategy has dramatically expanded its suite of preferred shares, issuing four different series with 8-10% dividend yields, and attaching at-the-market offering programs to all of them.
Read More: The $2.5 billion STRC offering is the largest IPO all year: Strategy
Metaplanet was down 7.6% during today’s Tokyo trading session.
