CMC News

Metaplanet Shareholders Approve Bitcoin Buying Framework

#Metaplanet moved closer to its target of holding 210,000 $BTC worth $18.5 million by the end of 2027 after shareholders voted to approve equity-related proposals enabling additional purchases.

The Japanese company's strategy director Dylan LeClair said Wednesday that an extraordinary shareholder meeting approved several measures that will help raise capital for more #Bitcoin acquisitions. The move lets Metaplanet use financial tools to buy additional $BTC without immediately diluting existing equity holders' shares.

The board effectively doubled the number of Class A and Class B shares the company can issue. Class A shares typically cost more but include voting rights, while Class B shares usually do not grant voting rights but offer greater accessibility at lower prices.

The new shares will include floating-rate features where interest rates adjust periodically according to market benchmarks. They will also pay quarterly dividends, meaning #investors receive interest-like payouts four times per year. Both features aim to make Metaplanet shares more attractive to investors seeking regular returns or investment funds focusing on yield-paying shares.

The company will add features to its Class B preferred shares including a 10-year 130% issuer call, allowing Metaplanet to buy the shares back from investors at 130% of issuance price. Another feature lets investors exercise put rights to sell shares at a predetermined price if the company cannot complete an initial public offering within one year.

The board approved issuing Class B shares to overseas institutional investors, letting international fund managers trade Metaplanet stock. LeClair said the board will also reduce capital #stock and capital #reserves to help raise funds for paying new preferred stock dividends and meeting share buyback obligations.