Metaplanet plans to raise $135 million to buy more Bitcoin.

Metaplanet plans to raise $135 million to expand its Bitcoin holdings, doubling its assets even after it plunged 33% from its all-time high on October 6.

The Japan-based Bitcoin treasury company said this on November 20: presentation It plans to issue 23.6 million Class B shares at 900 yen ($5.71) per share, bringing the total raising amount to 21.249 billion yen.

This public offering is scheduled to be conducted through third-party allocation to overseas investors, depending on approval at the general shareholders’ meeting on December 22nd.

The announcement comes as Bitcoin is headed for its worst monthly performance since June 2022 following the collapse of the crypto TerraUSD stablecoin. BTC has plummeted more than 10% in the past 24 hours, trading at $81,956.25 as of 6:07 a.m. ET. CoinMarketCap It shows.

Metaplanet products come with a 4.9% dividend

The new offering, which the company is calling “MERCURY,” will provide holders with a fixed annual dividend of 4.9% and the right to convert preferred stock into common stock at a conversion price of $6.34.

Today we announced a new class B perpetual preferred stock, MERCURY. 4.9% fixed dividend. Conversion price 1,000 yen. This is a new step in expanding Metaplanet’s Bitcoin treasury strategy. pic.twitter.com/UtnHA2lPRE

— Simon Gerovich (@gerovich) November 20, 2025

The company will maintain a market call option that can be exercised if Metaplanet’s stocks trade at more than 130% of the liquidation preference for 20 consecutive trading days. Additionally, the shares have no voting rights but are granted redemption rights under certain circumstances.

Metaplanet Stock Slide

Metaplanet shares have plunged more than 61% in the past six months and are down 7% in the last 24 hours.

The mNAV (multiple net asset value), which is calculated by dividing the market capitalization by the value of Bitcoin held, has fallen. below 1 stands at 0.98 as of 5:37 AM ET.

Metaplanet stock price (Source: Google Finance)

Metaplanet is the 4th largest Bitcoin holding company in the world with 30,823 BTC on its balance sheet. At current prices, the dollar value of these holdings is said to be $2.55 billion. data From Bitcoin Treasury.

The company purchased its Bitcoin holdings at an average price of $108,036, resulting in an unrealized loss of more than 23% for the company.

MSCI Could Soon Ax Metaplanet

Metaplanet may soon face additional problems. MSCI is consulting with the investment community on whether to exclude companies that hold more than 50% of their cryptocurrency assets from the index.

preparation inventory MSCI announced that 38 cryptocurrency companies could be excluded.

Preliminary list of companies that may be excluded (MSCI)

MSCI said some digital asset finance companies may be more similar to investment funds that do not qualify for inclusion in the index.

The odds of MSCI excluding such companies “are definitely in favor of that,” Charlie Sherry, head of finance at BTC Markets, told CoinTelegraph. “Changes like this are only reflected in the consultation when we are already leaning in that direction.”

JPMorgan estimates that if MSCI excludes Michael Saylor’s strategy and other index providers do the same, passive investors who track indices could take a $12 billion hit as they rebalance their portfolios.

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