Metaplanet has a simple strategy: hold Bitcoin forever. They are ready to embrace the price swings and will keep pushing forward despite market volatility; that’s the word we got from Head of Bitcoin Strategy Dylan Leclair, Metaplanet. The Japanese company hasn’t shifted its stance over the past couple of months but has evolved its financing approach in the recent past. Rather than selling common equity, Metaplanet recently raised about ¥21.25 billion (~$130 M) via a perpetual preferred share offering aimed at institutional investors.
When asked if there is enough knowledge about these new instruments that are entering the market in the form of perpetual equity, he said that their “new product called Mercury blends fixed income and has an asymmetric upside, offering a 4.9% annual dividend and a long-dated option to convert into common stock at a predetermined price”.
LeClair describes it as a hybrid product that delivers bond-like stability plus potential Bitcoin-linked equity gains, smoothing volatility for investors while preserving Metaplanet’s BTC treasury strategy. This marks a broader shift for the Tokyo-listed firm, which now plans to introduce fixed-income-like products to the Japanese market in 2026. “We need to educate investors on this new asset class, which might take time but the structure will help the company attract more capital without diluting our equity,” he told Coin Medium on the sidelines of the Bitcoin Mena event in Abu Dhabi.
Your completely free resource hub designed to boost your knowledge of cryptocurrencies
Responding to critics who have blamed digital asset treasuries for market swings, LeClair pointed to Metaplanet’s transparent BTC accumulation. He explained how the firm has bought 30,000+ bitcoins and sold none, contrasting with larger holders. He argued that the volatility observed in stock prices is concentrated in the treasury firms’ equity and not Bitcoin itself.
Looking ahead, Metaplanet wants to expand beyond BTC holdings, exploring income generation via options and broader Bitcoin services. They want to ensure they have something to give back to the 1 in every 600 people that own the Metaplanet stock in Japan. Their vision is a multi-product Bitcoin ecosystem built on high-upside exposure and new income streams tied to the digital asset economy.
