Metaplanet Seeks $16B US Market with Bitcoin-Backed Securities

Metaplanet, a Japanese company with a significant Bitcoin holding, has made its largest move yet in the crypto space. The company is acquiring a Nasdaq-listed gaming company and renaming it Superplanet, which will serve as a launchpad to tap into the US preferred stock market with Bitcoin-backed securities.

The deal involves 2,100 BTC, approximately 4.9% of Metaplanet's total holdings, being invested in a five-year lock-up period. This locked Bitcoin serves as collateral for potential future perpetual preferred stock issuances in the US market.

Perpetual preferred stock is a hybrid instrument that sits between debt and equity, offering fixed dividend payments like a bond but without maturity. This makes it an attractive option for companies looking to raise capital without diluting common shareholders.

Metaplanet has secured rights to invest up to an additional $210 million in junior preferred stock over the next 24 months, further solidifying its presence in the US market.