Japanese Bitcoin-focused firm Metaplanet has gained shareholder approval to revamp its capital structure, setting the stage for billions in potential fundraising to support its Bitcoin accumulation strategy.
At a special general meeting on Monday, investors approved changes to the company’s articles of incorporation, expanding its authorized shares to 2.7 billion. The company also introduced a dual-class preferred stock system designed to attract a variety of investors while maintaining control for existing shareholders.
Under the new structure, Class A shares will offer a fixed dividend, appealing to income-focused investors seeking stable returns. Class B shares carry higher risk but can be converted into common stock, providing upside potential if Metaplanet’s Bitcoin accumulation strategy succeeds.
Metaplanet described the dual-class system as a “defensive mechanism” to protect common shareholders from significant dilution while unlocking up to 555 billion yen ($3.7 billion) in potential funding.
Metaplanet Advances Toward Bitcoin Acquisition Targets
On August 1, Metaplanet unveiled plans to raise $3.7 billion to support its goal of acquiring 210,000 Bitcoin by the end of 2027.
On Wednesday, the company’s board approved the issuance of new shares through an international offering, clearing a key step ahead of the shareholder meeting—a major hurdle in its internal governance process.
Although shareholders endorsed the overall framework, the board still needs to finalize the specific terms of the share issuance. In addition, Metaplanet must submit detailed registration statements to Japanese regulators before moving forward.
The company’s biggest challenge will be attracting enough investors to reach the full $3.7 billion target.
Metaplanet’s fundraising efforts come amid a recent slump in its stock price. As of Tuesday, Google Finance reported shares trading at approximately $5.74, down 54% from a June high of $12.75.
Metaplanet Becomes Sixth-Largest Corporate Bitcoin Holder
As of Tuesday, Metaplanet ranked as the world’s sixth-largest corporate holder of Bitcoin. On Monday, the company added 1,009 BTC to its treasury for roughly $112 million.
This latest purchase brought Metaplanet’s total holdings to 20,000 Bitcoin, valued at approximately $2.2 billion at current market prices.
