Metaplanet Plans Launch of Preferred Shares and New BTC-Pegged Yield Curve Product

Metaplanet Expands Bitcoin Strategy With Preferred Shares and Yield Curve Plans

Metaplanet (3350), Japan’s largest publicly listed holder of bitcoin, has unveiled two new initiatives aimed at further integrating BTC into the country’s financial markets.

The Tokyo-based firm reported strong Q2 performance, with revenue jumping 41% quarter-over-quarter to ¥1.239 billion ($8.4 million). Net income surged to ¥11.1 billion ($75.1 million), a sharp turnaround from a ¥5 billion loss in the same quarter last year.

To build on that momentum, Metaplanet’s Head of Bitcoin Strategy, Dylan LeClair, announced the launch of “Metaplanet Prefs,” a perpetual preferred equity vehicle designed to scale the firm’s bitcoin treasury. Modeled after MicroStrategy’s capital strategy, the instrument will allow for BTC-backed fundraising while preserving long-term exposure.

The company also revealed plans to establish a bitcoin-backed yield curve within Japan’s fixed income markets. The goal is to create a pricing structure for BTC-collateralized debt instruments, offering institutions a new way to gain yield-based exposure to the asset.

According to Metaplanet, the preferred shares will support a range of maturities and credit profiles, aiming to align bitcoin with domestic investor appetite and position it as a credible fixed income collateral type.

As of mid-August, Metaplanet holds 18,113 BTC (worth approximately $1.85 billion), making it the sixth largest corporate bitcoin holder worldwide. Shares remain 10% above recent lows, though still down 50% from peak levels.

These moves represent a strategic push to bridge digital assets and traditional capital markets in Japan.