Metaplanet approved a major overhaul of its capital structure on Monday, marking a shift in how Japan’s largest corporate Bitcoin holder plans to raise funds. The move allows the company to issue dividend-paying preferred shares aimed at institutional investors.
Shareholders approved five proposals that broaden Metaplanet’s authority to issue preferred equity and revise dividend mechanics. The company’s Bitcoin strategy director, Dylan LeClair, said the changes also open participation to overseas institutions.
The approved measures include reclassifying capital reserves so the company can pay dividends and conduct potential buybacks tied to preferred shares. Investors also backed a plan to double the authorized issuance of both Class A and Class B preferred shares.
Metaplanet expands dividend structure and global access
Metaplanet amended its dividend framework to introduce floating and periodic payouts. The update allows the company more flexibility to structure income products for long-term capital providers.
In addition, shareholders approved the issuance of Class B preferred shares to international institutional investors. This decision formally extends access beyond Japan’s domestic investor base.
At press time, Metaplanet held about 30,823 Bitcoin valued at roughly $2.75 billion, according to Bitcoin Treasuries. The holding makes the firm the largest corporate Bitcoin holder in Asia and the fourth largest globally.
The approvals signal a move away from a strategy centered only on growth through common-share dilution. Metaplanet is now pairing its Bitcoin-focused balance sheet with income-producing securities familiar to traditional markets.
Rather than offering direct Bitcoin yield, the company is using preferred equity to package exposure to its corporate Bitcoin holdings. This structure gives institutions Bitcoin-linked exposure without holding spot BTC or trading volatile common shares.
One of the most notable changes applies to Class A preferred shares, which will now feature a monthly floating-rate dividend. Metaplanet labeled the structure the “Metaplanet Adjustable Rate Security” to reflect its income orientation.
The design targets institutions that value predictable cash flows. It also aligns with portfolio mandates that limit exposure to highly volatile assets.
Class B shares introduce structured payouts and exit rights
Class B preferred shares were also amended to entail quarterly dividends and a 10-year issuer call at 130% of face value. The shares also have an investor put option should a qualifying IPO of the security fail to take place within 1 year.
These terms enable Metaplanet to buy the shares back after ten years, though at a premium. An early exit option protects investors in the case of the failure of listing plans.
The additional protection resembles the requirements in private credit and structured equity credit markets. They assist in mitigating downside risk in institutions investing in the long term.
Metaplanet is providing international investors with a regulated corporation’s exposure to Bitcoin by targeting foreign institutions. The strategy avoids direct custody risks while maintaining a focus on Bitcoin.
Metaplanet is one of the most closely monitored Bitcoin-related public corporations in Asia. It is usually compared with US corporate Bitcoin treasury models even though Japan has a different regulatory environment.
The plan emphasizes ways in which non-US companies modify Bitcoin accumulation strategies to fit national market restrictions. Meanwhile, Metaplanet is still seeking capital globally.
Last week, the company said that it will start trading in the United States through American Depositary Receipts in the over-the-counter market. The announcement was made after it established a subsidiary based in Miami, and it helps it in its greater international growth.