1-8-2025 – Tokyo-listed bitcoin treasury company Metaplanet has filed a shelf registration to issue up to 555 billion yen ($3.7 billion) worth of shares over two years to accelerate its bitcoin acquisition strategy, according to a Friday disclosure.

The registration, effective from August 9, 2025 through August 8, 2027, would allow the company to issue securities in portions when market conditions are favorable. The proposed raise represents approximately 75% of Metaplanet’s current market capitalization of 729.45 billion yen and aims to support the firm’s ambitious target of accumulating 210,000 BTC by 2027. The company currently holds 17,132 BTC worth $1.95 billion at current prices, following its most recent purchase of 780 BTC on July 28.

However, the issuance remains contingent on shareholder approval at an Extraordinary General Meeting scheduled for September 1. Investors will vote on increasing authorized shares from 1.61 billion to 2.723 billion and establishing two new classes of perpetual preferred shares with dividend priority up to 6% over common shareholders. Metaplanet emphasized that no specific issuance plan is currently in progress and execution remains uncertain.

The move positions Metaplanet as one of the most aggressive corporate bitcoin adopters globally, following the strategy pioneered by MicroStrategy. If approved, the company would have significant financial firepower to capitalize on bitcoin price volatility over the next two years.

Shareholders will closely watch the September 1 vote, which could either greenlight one of crypto’s largest corporate accumulation programs or force Metaplanet to pursue alternative funding strategies.