On December 22, 2025, at 8:00 AM UTC+8, the Japanese listed company Metaplanet passed a series of resolutions related to Bitcoin asset allocation at a special shareholders' meeting. The most notable resolution is the asset allocation plan aiming to hold a maximum of 210,000 BTC by the end of 2027. Based on TechFlow's valuation of $87,250/BTC, this target corresponds to a market value of approximately $18 billion, but this is merely a static estimate based on current prices and does not represent any locked price or revenue commitment. Surrounding this target, the company is simultaneously advancing the expansion structure of Class A/B shares, financing channels for overseas institutions with Class B shares, and the design of equity instruments embedded with floating interest rates, quarterly dividends, and 130% buyback rights, attempting to introduce external funds for Bitcoin procurement on a large scale without significantly sacrificing control. In the market context, this move sharply contrasts with U.S. stock examples like MicroStrategy and brings the feasibility of "Bitcoin treasury stocks" under Japan's regulatory environment into the spotlight.
Metaplanet's action is essentially treating Bitcoin as a "quasi-treasury asset" within the traditional governance framework of a listed company, using a capital structure engineering approach that closely resembles non-dilutive methods to support the high-volatility asset target of 210,000 BTC.
Core of the Event
On December 22, 2025, at 8:00 AM UTC+8, Metaplanet held a special shareholders' meeting and approved multiple equity-related proposals concerning Bitcoin asset allocation. The company's strategic director, Dylan LeClair, stated that the shareholders' meeting has approved a target of "holding 210,000 BTC" by the end of 2027, along with a plan for the expansion of Class A/B shares and a financing framework for overseas institutional investors with Class B shares. It must be emphasized that the 210,000 BTC is a planned target and upper limit expectation, not a guarantee of the current holdings or a promise of future quantities.
According to estimates provided by Deep Tide TechFlow, using a price level of $87,250/BTC as a reference, 210,000 BTC corresponds to a market value of approximately $18.32 billion, summarized in research reports as "over $18 billion." This figure is solely based on a static calculation at current prices; any fluctuations in Bitcoin's price will also change the target market value, so it should not be interpreted as any price locking or revenue commitment.
In terms of equity, the approved directions for Metaplanet include: expanding the structure of common and special shares, introducing Class B shares as dedicated financing tools for overseas institutional investors; and embedding mechanisms such as "floating interest rates + quarterly dividends" and "130% buyback rights + IPO failure sell rights" in the special share terms. These terms currently derive mainly from publicly reported and community-organized framework information, not complete legal texts, and specific details such as coupon rates, valuation discounts, and triggering conditions have yet to be disclosed.
From the confirmed resolutions, Metaplanet is attempting to bind the "Bitcoin asset target" with "equity structure innovation," using a dedicated Class B share channel to primarily connect BTC exposure to overseas institutional funds capable of identifying the risks of the terms.
Perspective Breakdown
Around this special shareholders' meeting and the 210,000 BTC target, market opinions have shown clear divergence.
Supporters mainly come from Bitcoin long-termists and some institutional research teams focused on the Japanese market. For them, Metaplanet's actions signify that, on one hand, Japan has a listed company willing to publicly regard Bitcoin as a "long-term reserve/quasi-treasury asset" at the board and shareholders' meeting levels; on the other hand, the company is not simply buying Bitcoin but is using Class A/B share expansion, priority design, and buyback terms as tools to attempt to construct a path that balances regulatory compliance with capital efficiency. From this perspective, Metaplanet has the opportunity to grow into a "Bitcoin proxy stock" comparable in size to MicroStrategy in the coming years, providing holders with a new form of exposure between spot BTC and traditional stocks.
More cautious or even opposing voices focus on three aspects: first, from a time frame perspective, there are only about three years left until the end of 2027, and 210,000 BTC is an extremely large absolute number, while there is currently insufficient data from public channels to indicate how much usable funds and executable limits the company has reserved for this; second, in terms of terms design, mechanisms like "floating interest rates + quarterly dividends" and "130% buyback rights + IPO failure sell rights" will convert some future uncertainties into potential buyback obligations for the company, which could amplify cash flow pressure if the asset side (BTC price) diverges from stock price trends; third, local retail investors in Japan may have limited understanding of complex equity structures and option-type terms, leading to potential mispricing in the secondary market due to information asymmetry.
Supporters see the embryonic form of a "Japanese version of MicroStrategy," while the cautious focus more on the funding sources behind the 210,000 BTC target, execution pace, and the potential pressure on cash flow from the nested terms. These two viewpoints essentially represent a divergence over risk tolerance and narrative pricing power.
Interwoven Narratives
To understand the deeper logic behind Metaplanet's move, it needs to be placed within a larger narrative coordinate system: on one end is the global consensus evolution of Bitcoin being gradually viewed as "digital gold/quasi-reserve asset," and on the other end is the cautious attitude of the Japanese capital market and regulatory environment towards high-volatility assets.
In terms of industry linkage, on the same day, Bitget announced support for stock token trading, and this Friday, approximately $23.6 billion worth of Bitcoin options contracts will expire (data sourced from The BlockBeats). This means that the short-term volatility brought by option expirations, the attempts of exchanges to connect traditional stock rights with on-chain forms, and actions like Metaplanet's directly betting on BTC at the balance sheet level are all overlapping within the same time window, collectively reinforcing the market perception of "Bitcoin entering the deep waters of the traditional financial system."
From micro to macro, there are several important causal links. First, for some institutions, directly holding BTC at the custody level still faces internal risk control, compliance authorization, and incomplete custody infrastructure issues. By holding shares or ADRs of a listed company that treats Bitcoin as a quasi-treasury asset, they can incorporate exposure into existing stock or equity investment frameworks; second, against the backdrop of Japan's cautious regulatory stance, connecting the main BTC exposure to overseas institutional Class B share investors also serves as a form of risk isolation for domestic retail investors; third, through floating interest rates, quarterly dividends, and buyback terms, part of the impact of BTC price fluctuations on the company can be translated into fluctuations in returns for Class B share investors and changes in option value.
The reason Metaplanet's actions have sparked widespread discussion is that it intertwines the "Bitcoin treasury narrative," "cross-border institutional funding needs," and "stock tokenization trends," which were originally relatively independent threads, within the same time window.
Nature of the Game
From a game theory perspective, the core conflict for Metaplanet lies in how to accommodate a high-volatility asset target capped at 210,000 BTC under traditional listed company governance and regulatory constraints while minimizing the dilution of existing shareholders' control and profit rights.
On the asset side, the company positions Bitcoin as a long-term held quasi-reserve asset, and the target of 210,000 BTC means that once a significant position is built, the volatility of its balance sheet will be highly correlated with BTC prices. Compared to MicroStrategy's path of raising funds to buy BTC primarily through convertible bonds and high-yield debt, Metaplanet prefers to directly assume BTC volatility at the equity level through equity and quasi-equity tools (Class B shares, priority rights, buyback rights).
On the liability and equity side, the expansion of Class A/B shares is key to this capital structure engineering. The market generally understands that Class A shares are more inclined to carry control and traditional business profit rights, while Class B shares aimed at overseas institutions are designed to be more closely linked to BTC allocation as "functional equity." Class B shares may carry stronger quasi-debt attributes, such as floating yields, priority dividend rights, and pre-agreed buyback terms, which can transfer some of the volatility and financing costs that would typically be borne by common shareholders to institutional investors who actively choose to enter this structure.
On the institutional and market side, Japan's regulatory scrutiny of crypto asset holdings and overseas financing makes it unlikely for Metaplanet to fully replicate MicroStrategy's path in the U.S. stock market. The company needs to find a balance between local shareholder protection principles, information disclosure requirements, and international capital market funding preferences: ensuring that Class A shareholders do not bear excessive risks due to BTC volatility while making Class B shares attractive enough for overseas institutions to be willing to provide funding support for the company's goal of up to 210,000 BTC in the coming years.
The essence of this game is to redefine the risks and returns of BTC volatility among different investors through terms and structures, concretizing the "Bitcoin treasury narrative" into a set of detailed arrangements regarding control rights, priority rights, and buyback obligations.
Outlook and Scenario Simulation
Based on the current public information, whether Metaplanet can achieve its target of 210,000 BTC by the end of 2027 depends on three dimensions: the speed of capital acquisition, the evolution of the regulatory environment, and the price range of Bitcoin. Since the company has not disclosed key data such as the scale of funds raised, the progress of Class B share issuance, and the actual implementation of ADRs, external research currently lacks the conditions to quantify the probability of completion and can only conduct structural scenario simulations.
In a neutral scenario, if Japan's regulatory standards for accounting treatment and disclosure of BTC holdings by listed companies remain unchanged, Metaplanet's ability to continuously issue Class B shares in overseas markets and obtain sufficient subscriptions will directly determine its BTC procurement capacity at each stage. For investors, key indicators to observe include: changes in the range of BTC holdings disclosed in the company's quarterly reports, the scale and terms adjustments of Class B share issuances, the nominal amount evolution of potential buyback obligations, and regulatory feedback from Japan and major overseas jurisdictions regarding similar structures.
In an optimistic scenario, if more global institutions begin to view "Bitcoin treasury stocks" as a category of asset allocation, Metaplanet may gain additional valuation premiums and capital market attention, which will in turn lower its equity financing costs and enhance the feasibility of achieving the 210,000 BTC target, while providing a partially replicable example for other Japanese and even Asian listed companies. In a cautious scenario, if Bitcoin prices experience significant retracement during the accumulation phase, coupled with Class B share investors exercising buyback or sell rights, the company's cash flow pressure will be amplified, and the vulnerabilities in its capital structure will be exposed.
Regardless of the scenario, Metaplanet's significance has transcended the level of a single company; it provides a practical window to observe how traditional capital markets adapt to new assets like Bitcoin through capital structure engineering, rather than offering operational advice on any stock or Bitcoin itself.
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