Metaplanet on Monday approved a review of its capital structure, allowing Japan’s largest bitcoin holder to raise funds through preferred shares with dividends for institutional investors.
Investors approved five proposals that include expanding Metaplanet’s ability to issue preferred stock, introducing a new dividend structure, and opening up access to foreign institutional capital, said Dylan LeClair, director of Bitcoin strategy at the company.
The approved measures include reclassifying the capital reserve to allow for preferred stock dividends and potential share repurchases, doubling the authorized number of Class A and Class B preferred shares, and amending the dividend structure to introduce variable and regular dividends.
Additionally, Metaplanet authorized the issuance of Class B preferred stock to international institutional investors.
According to the Bitcoin Treasury, Metaplanet held approximately 30,823 Bitcoins (BTC), worth $2.75 billion, at the time of writing. This makes the company the largest corporate Bitcoin holder in Asia and the fourth largest in the world.
sauce: dylan leclair
Preferred stock and institutional access
The approved proposal marks a shift from a purely dilutive growth approach to a more traditional market approach that coexists with income-producing securities and a Bitcoin-centric balance sheet strategy.
Rather than offering Bitcoin yield directly, Metaplanet uses preferred stock to package the company’s exposure to Bitcoin in a format familiar to institutions.
One of the most notable changes is that the company’s Class A preferred stock has been amended to adopt a monthly floating rate dividend structure known as the “Metaplanet Variable Rate Securities.”
This design provides investors with regular income, consistent with an institution’s need for predictable cash flow.
The Class B Preferred Stock has also been amended to include quarterly dividends, a 10-year issuer call at 130% of par value, and an investor put option exercisable if a qualified IPO related to the security does not occur within one year.
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This means that while Metaplanet can buy back the shares at a premium price after 10 years, investors have the right to exit early if the company does not go public within a year.
These features mirror protections commonly found in private credit markets and structured equity markets, reducing downside risk for long-term funders.
Furthermore, by targeting overseas institutions, Metaplanet enables global investors who want exposure to Bitcoin without directly owning spot BTC or volatile common stocks.
Metaplanet expands into global markets
Metaplanet is one of the most prominent Bitcoin-focused public companies in Asia.
Despite operating in a Japanese regulatory and capital market environment, it is often compared to the Bitcoin financial model of US-based companies.
The company’s approach highlights how non-US companies are adapting their Bitcoin strategies to local market constraints while pursuing global capital.
The company announced Friday that it plans to begin trading in the U.S. over-the-counter market through American Depositary Receipts. The announcement comes several months after the company established a subsidiary in Miami.
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