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Nov 21, 2025Metaplanet approved a $135M preferred share offering to buy Bitcoin while Michael Saylor defended corporate treasury strategies, saying Strategy can survive major drawdowns despite market volatility.
Tokyo-listed Metaplanet has approved a $135 million perpetual preferred share offering to fund Bitcoin acquisitions, while Strategy founder Michael Saylor defended corporate treasury strategies amid mounting market volatility.
Metaplanet’s MERCURY Preferred Shares
The Class B shares, branded “MERCURY” for Metaplanet Convertible for Return & Yield, combine quarterly fixed dividends with equity upside through conversion rights into common stock.
Representative Director Simon Gerovich stated the structure aims to “minimize dilution from common share issuances while continuing to expand BTC holdings,” calling it a “new step in scaling” their Bitcoin treasury strategy.
Saylor Dismisses Volatility Concerns
Michael Saylor pushed back against concerns about Bitcoin treasury models during a November 14 CNBC interview, declaring that the Strategy “can withstand an 80%–90% drawdown and keep operating” despite recent market turbulence.
The executive chairman emphasized that his company maintains minimal leverage at just 1.15 times, with debt extending for 4.5 years.
Bitcoin Treasury Sector Faces Premium Collapse
The Bitcoin treasury sector has entered what Coinbase Research describes as a “player-versus-player” competitive phase, with 26 of 168 firms now trading below their crypto reserves.
For Metaplanet, this new preferred share issuance is a strategic pivot toward diversified capital structures as treasury companies navigate compressed valuations.
The firm initially plans to limit preferred issuance to 25% of Bitcoin’s net asset value to avoid excessive leverage while gradually building performance track records and cultivating the preferred equity market for potential future listings.
Sources >> Metaplanet Raises $135M for Bitcoin as Saylor Says “We Can Survive 80% Crash