Metaplanet Revamps Financial Framework to Draw Institutional Investors

On Monday, Metaplanet approved a significant revamp of its capital structure, enabling Japan’s largest corporate Bitcoin holder to raise funds via dividend-paying preferred shares aimed at institutional investors.

Five proposals were endorsed by investors, which together enhance Metaplanet’s capability to issue preferred shares, introduce new dividend mechanisms, and permit participation from foreign institutional capital, stated Dylan LeClair, the firm’s Bitcoin strategy director.

The measures approved include reclassifying capital reserves to facilitate preferred share dividends and potential buybacks, doubling the authorized Class A and Class B preferred shares, and modifying dividend structures to allow for floating and periodic payouts.

Moreover, Metaplanet has authorized the issuance of Class B preferred shares to international institutional investors.

As of the latest update, Metaplanet held approximately 30,823 Bitcoin (BTC), valued at $2.75 billion, according to Bitcoin Treasuries. This positions the company as the largest corporate Bitcoin holder in Asia and the fourth-largest globally.

Preferred shares and institutional access

The proposals that were approved signal a transition from a purely growth-focused strategy through dilution to a more conventional market approach, where income-producing securities coexist alongside a Bitcoin-centered balance sheet strategy.

Instead of providing direct Bitcoin yield, Metaplanet is leveraging preferred equity to offer exposure to its corporate Bitcoin holdings in a format that institutions are accustomed to.

Among the most significant updates is the amendment to the company’s Class A preferred shares, which will adopt a monthly, floating-rate dividend structure called the “Metaplanet Adjustable Rate Security.”

This structure allows investors to receive regular income, aligning with institutional demands for predictable cash flows.

Class B preferred shares have also been revised to include quarterly dividends, a 10-year issuer call at 130% of face value, and an investor put option should the company fail to complete an initial public offering (IPO) within one year.

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This setup means Metaplanet can repurchase the shares after 10 years at a premium rate, while investors retain the right to exit early if the company does not go public within a year.

These provisions reflect protections often found in private credit and structured equity markets, mitigating downside risk for long-term capital providers.

Additionally, by targeting international institutions, Metaplanet appeals to global investors seeking Bitcoin exposure without directly holding spot BTC or volatile common stock.

Metaplanet expands to global markets

Metaplanet is one of the most closely monitored Bitcoin-focused public companies in Asia.

It is frequently compared to US-based corporate Bitcoin treasury models, despite functioning within Japan’s regulatory and capital markets framework.

The company’s strategy demonstrates how non-US firms are adapting Bitcoin approaches to local market realities while simultaneously seeking global capital.

On Friday, the firm revealed plans to commence trading in the US via the over-the-counter market using American Depositary Receipts. This announcement followed the establishment of a subsidiary in Miami several months earlier.