On September 1, 2025, Metaplanet hosted an EGM in the heart of Tokyo.
At the event, the Metaplanet’s president, Simon Gerovich, highlighted the successes the company has had in its 16 months operating as a bitcoin treasury company and laid out the company’s plan for acquiring 210,000 bitcoin — 1% of the total supply — by 2027.
This vision includes issuing two versions of a new financial product — Metaplanet Prefs, perpetual preferred stock offerings that resemble the type that Strategy rolled out in March 2025 — in efforts to acquire said bitcoin.
Metaplanet’s Milestones
Gerovich commenced the meeting by explaining how Metaplanet pivoted from operating as a struggling hotel company to a bitcoin treasury company in early 2024.
Since then, he pointed out, Metaplanet has acquired approximately 0.1% of the total supply of bitcoin, far surpassing its initial goal of acquiring 10,000 bitcoin.
During the event, Gerovich also announced that Metaplanet had increased its holdings to 20,000 bitcoin, giving it the sixth largest bitcoin balance sheet in the world.
He added that his goal is for Metaplanet to have the second largest bitcoin balance, second only to Strategy. And he compared Metaplanet’s percentage of bitcoin per share over the past year to Strategy’s, noting that it’s increased its percentage to 2,274% as compared to Strategy’s 86%.
Gerovich also pointed out that Metaplanet stock trades over 100 hours per week via exchanges and brokerages worldwide, helping to make the success of Metaplanet not just a Japanese story, but a global one.
“Wherever you are in the world, Metaplanet is within reach,” Gerovich told the event’s 3,000+ attendees.
Metaplanet Prefs
“Traditionally, preferred equity has been in a quiet corner of finance, but, backed by bitcoin, it’s something entirely new,” said Gerovich.
He explained how the preferred equity Metaplanet plans to offer will not only become a major fundraising mechanism to acquire more bitcoin, much like it has for Strategy, but that it will also establish a bitcoin-backed yield curve — one with the potential to produce greater returns than those from fixed income products in Japan.
What is more, Gerovich highlighted the fact that Metaplanet is in a unique situation to create such a product in that it can borrow at extremely low rates, as Japan currently has the lowest interest rates of all G7 countries.
“Low rates in Japan are our hidden superpower,” he said.
He also shared that traditional fixed income markets are “under strain” and that investors are “searching for alternatives.”
This, according to Gerovich, is an opportunity to become the largest issuer of bitcoin-backed fixed income in Asia. He believes that the types of preferred equity Metaplanet plans to offer will serve as an enticing alternative to traditional fixed income products.
Metaplanet plans to offer two classes of preferred equity.
Class A will be designed to be a “safer and steadier” financial product that offers a yield, much like traditional fixed income products. The product will yield 5%. Class B will be riskier but will also come with the option to be converted into Metaplanet’s common stock.
These new financial products will offer Metaplanet four distinct advantages, stated Gerovich.
Four Advantages of Metaplanet’s Perpetual Equity Products
- Diversification of financing: Thus far, Metaplanet’s only fundraising mechanism has been issuing shares of its common stock. Prefs will offer the company a new way to raise money.
- Permanence: Issuing perpetual debt instruments with a promise of a 5% return rate enables Metaplanet to obtain financing without the constant burden of refinancing risk.
- Low cost of financing: As mentioned, interest rates in Japan are the lowest amongst all G7 countries, enabling Metaplanet to raise money at a cheaper rate that most of its bitcoin treasury company peers.
- Ability to cap preferred share issuance: Metaplanet will cap its preferred share issuance at 25% of its bitcoin NAV. Doing this would help to keep Metaplanet afloat in the event of even a 75% drop in the price of bitcoin.
After discussing these four advantages, Gerovich summarized his presentation with a revised mission statement for Metaplanet: Pioneer a new theory of credit in Japan; [issue] instruments built upon over-collateralized, absolutely scarce digital capital.
Resounding Approval
After laying out the plan for Metaplanet Prefs, Gerovich asked the attendees if they’d approve of the company’s seeking to amend the articles of incorporation.
He was met with a resounding round of applause.
And the members of the audience weren’t the only ones excited about Gerovich’s vision and his proven ability to execute on it.
Eric Trump, who serves as a strategic board advisor to Metaplanet and who partook in a fireside chat with Gerovich during the afternoon’s programming, spoke highly of Gerovich.
“Simon is one of the most honest people I’ve ever met in my entire life,” said Trump. “You have a great leader in Simon and a wonderful product in Bitcoin, and I think that’s a winning combination.
Nakamoto CEO David Bailey, who invested in Metaplanet soon after it implemented its bitcoin treasury strategy, also praised Gerovich and the Metaplanet team, noting that investors across Japan are being forced to take notice of the company.
“Metaplanet has become too big to ignore,” said Bailey.
Bailey went on to say that he looks forward to the day that Gerovich is invited to meet with the prime minister of Japan as well as the emperor of the country thanks to the work Gerovich has done in making Metaplanet a “systemically important institution for Japan.”
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