Metaplanet

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Metaplanet approved an overhaul of its capital structure on Monday, allowing Japan’s largest corporate Bitcoin holder to raise funds through dividend-paying preferred shares aimed at institutional investors.&nbsp; &nbsp;
Investors approved five proposals that collectively expand Metaplanet’s ability to issue preferred shares, introduce new dividend mechanics and open participation to overseas institutional capital, <a href="https://x.com/DylanLeClair/status/2002967262408720752" rel="noopener noreferrer nofollow" target="_blank">said</a> Dylan LeClair, the company’s Bitcoin strategy director.
The approved measures include reclassifying capital reserves to allow for preferred share dividends and potential buybacks, doubling the authorized number of Class A and Class B preferred shares and amending dividend structures to introduce floating and periodic payouts.&nbsp;
In addition, Metaplanet cleared the issuance of Class B preferred shares to international institutional investors.
Metaplanet held about 30,823 Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="_self">BTC</a>) at press time, worth $2.75 billion, <a href="https://bitcointreasuries.net/public-companies/metaplanet" rel="noopener noreferrer nofollow" target="_blank">according</a> to Bitcoin Treasuries. This makes the company the biggest corporate Bitcoin holder in Asia, and the fourth-biggest in the world.&nbsp;
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 Source: <a href="https://x.com/DylanLeClair/status/2002967262408720752" rel="noopener noreferrer nofollow" target="_blank">Dylan LeClair</a>
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<h2 id="preferred-shares-and-institutional-access">Preferred shares and institutional access</h2>
The approved proposals mark a shift away from a pure growth-through-dilution approach to a more traditional markets approach, where income-producing securities coexist with a Bitcoin-focused balance sheet strategy.&nbsp;
Rather than offering direct Bitcoin yield, Metaplanet is using preferred equity to package exposure to its corporate Bitcoin holdings in a format familiar to institutions.&nbsp;
One of the most notable changes is the amendment for the company's Class A preferred shares to adopt a monthly, floating-rate dividend structure known as the “Metaplanet Adjustable Rate Security.”
This design allows investors to receive regular income, which aligns with the institutional need for predictable cash flows.&nbsp;
Class B preferred shares were also amended to include quarterly dividends, a 10-year issuer call at 130% of face value and an investor put option exercisable if a qualifying IPO tied to the security does not occur within one year.
Related: <a href="https://cointelegraph.com/news/msci-bitcoin-restriction-like-penalizing-chevron-for-oil-strategy-ceo" rel="noopener noreferrer nofollow">MSCI’s Bitcoin snub is like penalizing Chevron for oil: Strategy CEO</a>
This means that Metaplanet can buy the shares back after 10 years at a premium price, while investors have the right to exit early if the preferred shares are not publicly listed within a year
These features mirror protections commonly seen in private credit and structured equity markets, reducing downside risk for long-term providers of capital.&nbsp;
Furthermore, by targeting overseas institutions, Metaplanet allows global investors who may want Bitcoin exposure without directly holding spot BTC or volatile common stock.&nbsp;
<h2 id="metaplanet-expands-to-global-markets">Metaplanet expands to global markets</h2>
Metaplanet is one of the most closely watched Bitcoin-focused public companies in Asia.
It’s often compared to US-based corporate Bitcoin treasury models, despite operating in Japan's regulatory and capital markets environment.&nbsp;
The company’s approach highlights how non-US companies are adapting Bitcoin strategies to local market constraints while still pursuing global capital.&nbsp;
On Friday, the company announced that it was set to <a href="https://cointelegraph.com/news/metaplanet-us-trading-adr-program-deutsche-bank" rel="noopener noreferrer nofollow">begin trading in the US</a> on the over-the-counter market through American Depositary Receipts. The announcement came months after the company <a href="https://cointelegraph.com/news/metaplanet-launches-us-japan-subsidiaries-bitcoin-income" rel="noopener noreferrer nofollow">established a subsidiary in Miami</a>.&nbsp;
Magazine: <a href="https://cointelegraph.com/magazine/upbit-crypto-exxchange-hack-altcoin-surge-korea-worldcoin-thailand-asia-express/" rel="noopener noreferrer nofollow">Koreans ‘pump’ alts after Upbit hack, China BTC mining surge: Asia Express</a>

Metaplanet clears issuance of dividend-paying shares for overseas institutions

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