Institutional Backing Fuels Metaplanet’s Bitcoin Strategy

Metaplanet JP3481200008

Shares of Metaplanet are trading higher today, buoyed by a significant endorsement from one of the world's most prominent sovereign wealth funds. Norges Bank Investment Management (NBIM) has thrown its support behind the company's Bitcoin-focused corporate strategy, providing fresh momentum ahead of a critical shareholder vote.

The stock is currently quoted at approximately 404 Yen, marking an increase of roughly 1.5%. This upward movement follows confirmation that NBIM has voted in favor of all five proposals put forward by Metaplanet's management in advance of an Extraordinary General Meeting (EGM).

Key details of this institutional support include:

• Supporting Investor: Norges Bank Investment Management (NBIM)
• Assets Under Management: Approximately $1.7 trillion
• Stake in Metaplanet: Around 0.3%
• Voting Action: Approved all 5 management proposals
• EGM Date: December 22, 2025

The backing from NBIM carries considerable weight due to the fund's reputation for a conservative, risk-aware investment philosophy. Its 0.3% stake and supportive vote signal that institutional interest in publicly-listed Bitcoin treasury strategies is expanding beyond the U.S. market.

The approved proposals are designed to enact structural changes, enabling further Bitcoin acquisitions without causing excessive dilution for existing shareholders.

Funding the Bitcoin Reserve: The MERCURY Share Class

Central to Metaplanet's capital plan is the proposed issuance of Class B preferred shares, dubbed "MERCURY." Through this instrument, the company aims to raise about $135 million (approximately 21.25 billion Yen), with the funds explicitly earmarked for purchasing additional Bitcoin.

The structure of the MERCURY shares is defined by two main features:

• A fixed annual dividend yield of 4.9%
• A conversion price set at 1,000 Yen per share

This mechanism is intended to allow Metaplanet to build its Bitcoin reserves significantly while managing the dilution impact on common stockholders. Final implementation hinges on shareholder approval at the EGM, where the known support from a major sovereign fund substantially increases the likelihood of the measures passing.

Shareholder Meeting to Decide Strategic Path

The EGM scheduled for December 22 will focus on several capital and governance measures aimed at solidifying the company's Bitcoin-centric model. The agenda includes three key items:

1. Authorization to issue Class A (MARS) and Class B (MERCURY) preferred shares
2. A reduction of capital and reserves to optimize the balance sheet
3. Accounting transfers to facilitate future dividend payments and share buybacks

NBIM's affirmative vote acts as a positive signal to both private and other institutional investors. For a stock that has experienced volatility ahead of the vote, this high-profile backing could have a stabilizing effect.

Market Context: Bitcoin Holds Above $87,000

Metaplanet's share price performance remains closely tied to Bitcoin. The cryptocurrency is currently trading near $87,300. Despite a period of consolidation, this price level supports the "MicroStrategy-like" business model employed by Metaplanet, which is centered on accumulating substantial Bitcoin holdings.

Notably, the stock has recently demonstrated slightly more stability than the underlying Bitcoin price. This suggests the market is already beginning to price in the potential success of the MERCURY capital initiative and the institutional validation of the company's strategy.

Strategic Clarity Ahead of Key Vote

Metaplanet is currently benefiting from a combination of institutional endorsement and a clearly defined capital strategy. The support from NBIM removes a major element of uncertainty regarding the outcome of the December 22 EGM.

Should the planned $135 million capital increase be approved, the company would be positioned to expand its Bitcoin holdings substantially in the coming quarters. From a market perspective, the area around 404 Yen now appears as a potential zone of support, with the EGM decision poised to serve as the next concrete catalyst for the stock.