Metaplanet Raises $135M for Bitcoin as Saylor Says “We Can Survive 80% Crash”

Core Viewpoint - Metaplanet has approved a $135 million perpetual preferred share offering to fund Bitcoin acquisitions, while Strategy founder Michael Saylor defends corporate treasury strategies amid market volatility [1] Group 1: Share Offering Details - Metaplanet's board resolved to issue 23.61 million Class B preferred shares, raising ¥21.25 billion ($135 million) with estimated net proceeds of ¥20.41 billion ($130 million) after expenses [2] - The Class B shares, branded "MERCURY," offer a 4.9% fixed dividend and a conversion price of ¥1,000, combining quarterly fixed dividends with equity upside through conversion rights into common stock [3][4] - Each preferred share entitles holders to ¥12.25 ($0.08) in annual dividends, with an initial payment of ¥0.40 ($0.003) per share for the period ending December 31 [3] Group 2: Market Strategy and Performance - The conversion price is significantly above Metaplanet's November 19 closing price of ¥375 ($2.40), which limits immediate dilution concerns [4] - Michael Saylor emphasized that Strategy can withstand an 80%–90% drawdown and maintain operations despite market turbulence, with minimal leverage at 1.15 times and debt extending for 4.5 years [5] - Saylor highlighted that Bitcoin has experienced six major drawdowns over five years while delivering 50% average annual returns, asserting that Strategy's 71% five-year performance outperforms all S&P stocks [6]