Metaplanet, a Tokyo-listed company focused on bitcoin treasury strategy, announced its new “Phase II” initiative, under which it will issue perpetual preferred shares to raise capital for further Bitcoin acquisitions.

The mechanism is designed to reduce dilution of common stock while sustaining the firm’s aggressive accumulation pace.

The company has already set an ambitious “555 Million Plan” that aims for 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. According to its latest disclosure, Metaplanet holds around 30,823 BTC—up from 1,762 BTC at the start of the year, representing a nearly 17-fold increase.

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BTC Treasuries said Metaplanet has flipped Adam Back’s firm to rank fourth in global Bitcoin holdings.

Metaplanet has previously financed its purchases through equity issuance, which diluted shareholders but helped the company gain market visibility, including inclusion in the FTSE Japan Index. The broader trend shows more Japanese companies adopting Bitcoin as a treasury asset, seeking diversification alongside global peers like MicroStrategy.

Under Phase II, Metaplanet will issue perpetual preferred shares with a capped dividend yield of 6%. The structure offers investors steady returns, while any bitcoin appreciation above that level accrues to the company’s enterprise value.

Management argues the model preserves mNAV—per-share bitcoin exposure—without further diluting common equity.

In parallel, Metaplanet outlined plans to expand its “Bitcoin.jp” platform, aiming to integrate education, events, and services to strengthen Japan’s bitcoin infrastructure.

Skeptics warn that perpetual preferred shares carry interest-rate risk, and underperformance in Bitcoin could make dividend costs burdensome. Market analysts also caution that forced liquidations during equity sell-offs could spill into bitcoin markets, adding volatility.

“Metaplanet’s Bitcoin Income Generation segment posted 115.7% quarterly revenue growth, prompting us to double FY2025 revenue guidance. These results strengthen the foundation for our planned preferred share issuance supporting the Bitcoin Treasury strategy,” said Simon Gerovich, CEO of Metaplanet