metaplanet

On November 20, Tokyo-listed company Metaplanet announced that it will issue Class B perpetual shares worth approximately $135 million, with the funds primarily used to increase Bitcoin holdings.
The company plans to issue 23.61 million preferred shares at a price of 900 yen per share. Although these shares do not have voting rights, holders can choose to convert them into common shares and enjoy an annualized dividend yield of 4.9%.
This financing model is seen as a continuation of its Strategy Bitcoin asset allocation strategy and a practice of localization. By issuing perpetual shares that do not have voting rights but are convertible and redeemable, Metaplanet can obtain long-term funding at a lower cost without excessively diluting existing shareholders' equity, further executing its Bitcoin accumulation strategy.
It is worth noting that the company also clearly stated in its public disclosure that they believe the long-term returns of Bitcoin will exceed the dividend yield of preferred shares.
Although Metaplanet currently holds 30,823 Bitcoins (acquired at an average price of approximately $108,000) and is still in a floating loss of about 23%, its market capitalization remains as high as $2.6 billion, still exceeding the total value of its Bitcoin holdings. This market valuation reflects investors' recognition and expectations of its Bitcoin strategic layout.
In summary, from Strategy to Metaplanet, a series of cases clearly indicate that incorporating Bitcoin into the balance sheets of publicly listed companies has evolved from a cutting-edge topic into a replicable standardized 'new paradigm'.
The continuation of this trend not only enhances Bitcoin's market position as qualifying collateral and financing targets but also promotes the maturity of a new system of value assessment and corporate financial strategies built around it.
#Metaplanet

#metaplanet
Japan's Metaplanet is executing a major new move in its corporate Bitcoin strategy, announcing plans to issue $150 million in Class B Perpetual Preferred Stock. The funding, disclosed on November 20th via a statement from the company's custodian, DAT, is earmarked for the continuous accumulation of Bitcoin, solidifying Metaplanet's position as a leading 'Bitcoin treasury' company in Asia.
The terms of the issuance are designed to appeal to investors seeking both a fixed income stream and potential exposure to Bitcoin's upside. The Class B stock comes with a fixed dividend rate of 4.9% and a conversion price set at 1000 yen (approximately $6.75 USD, based on current exchange rates).

Strategic Financing for Bitcoin Reserves
This financial maneuver allows Metaplanet to significantly expand its Bitcoin reserves without diluting the ownership of its existing common shareholders. The issuance of perpetual preferred stock—a hybrid instrument with characteristics of both debt and equity—provides a stable capital injection and locks in a manageable dividend cost.
Metaplanet has been aggressively pursuing a Bitcoin-first strategy, drawing comparisons to Michael Saylor's MicroStrategy in the United States. By raising dedicated capital for its treasury, the company is directly linking its corporate value proposition to the performance of the world's largest cryptocurrency. This approach is particularly strategic in Japan, where investors are increasingly looking for hedges against yen depreciation and a unique way to gain exposure to digital assets on the Tokyo Stock Exchange. 
The success of this $150 million raise will be a critical indicator of market appetite for Bitcoin-backed corporate finance models outside of the US, potentially paving the way for other public companies to adopt similar strategies.

🔥 持仓规模：亚洲比特币巨鲸崛起
根据BitcoinTreasuries数据，日本上市公司Metaplanet目前已累计持有 30,823枚BTC（价值约33亿美元），超越多家国际巨头，跃居全球上市公司比特币持仓量第四名，仅次于MicroStrategy、Marathon Digital和Riot Platforms。
· 近期大额增持：2025年10月，Metaplanet以均价 $116,870 购入 5,268枚BTC，单笔投资超 6.15亿美元。
· 成本优势显著：综合平均成本约 $108,000，未实现收益率高达 497.1%（截至2025年10月），成为亚洲最激进的比特币战略上市公司。
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🚀 战略解析：为何All in比特币？
1. 对抗日元贬值：
· 日本长期超低利率与通胀压力促使企业寻求非传统储备资产，比特币成为“抗跌硬通货”。
· Metaplanet明确将BTC作为核心财政储备，替代部分日元现金头寸。
2. 模仿MicroStrategy路径：
· 自2024年4月启动比特币策略以来，通过多次增发股票募资持续加仓，目标在2027年前抢占全球BTC供应量的 1%。
· 其比特币收益率（BTC Yield） 在2024年底一度飙升至 309.8%，2025年稳定在 33%（指每股比特币敞口增长率）。
3. 生态扩张与收入多元化：
· 成立美国子公司Metaplanet Income Corp. 及日本本地比特币业务公司，推动BTC质押、借贷等收益生成业务。
· 2025年Q3比特币相关业务收入达 1,675万美元，季度增长 115.7%，全年收入预期翻倍至 4,600万美元。
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⚠️ 风险提示：监管与市场波动双杀
· 监管收紧信号：
日本交易所集团（JPX）正考虑加强对持有加密资产的上市公司监管，可能限制企业将比特币作为核心业务。
· 股价大幅回撤：
Metaplanet股价从2025年6月高点暴跌 79%（截至11月），反映市场对DAT（数字资产财库）策略的担忧。
· 流动性风险：
若BTC价格短期下跌 5%-10%，高杠杆持仓机构可能引发连锁清算。
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💹 对市场的影响：机构化进程加速
· 企业持仓规模突破百万BTC：
全球上市公司公开持有的比特币总量已超 100万枚（占比特币总供应量 4.7%），总价值约 1,160亿美元。
· 山寨币跟风？：
以太坊、Solana等生态出现类似“企业财库”趋势，但规模远不及BTC（ETH企业持仓约1214万枚，SOL约2092万枚）。
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💎 总结：Metaplanet的启示
· 牛市催化剂：大额机构增持直接减少流通供应，为BTC价格提供底层支撑。
· 长期价值博弈：Metaplanet承诺“永不卖出BTC”，与MicroStrategy共同构建稀缺性叙事。
· 散户策略参考：
· 关注机构持仓动态（如MicroStrategy、Metaplanet增发公告）；
· 警惕高杠杆在监管突变时的风险；
· 优先布局机构化程度高的资产（BTC＞ETH＞其他）。
互动话题：
你认为Metaplanet的比特币策略是“神话”还是“泡沫”？
→ 支持派：机构化是牛市基石！
→ 谨慎派：监管镰刀终会落下！
评论区等你观点！
（关注我，深度解码机构动向！）
#metaplanet #比特币持仓 #机构牛市 #BTC走势分析