Metaplanet Embraces Strategic Shift with Bitcoin-Focused Capital Overhaul

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In a decisive move to solidify its transformation, Japanese company Metaplanet has secured shareholder approval for a comprehensive capital restructuring plan. The primary objective is to fund a significant expansion of its Bitcoin holdings. The announcement provided a lift to its share price, though it remains substantially below its peak valuation from earlier in the year.

During an extraordinary general meeting, all five proposals put forth by management received unanimous support. This marks another step in Metaplanet's evolution from a previously struggling hotel operator to one of the most active publicly-traded entities accumulating Bitcoin.

The approved measures represent a fundamental shift in the company's financing strategy. The aim is to move away from growth models that dilute existing shareholders and instead adopt structures more appealing to institutional capital.

Expanding Preferred Share Framework

Shareholders agreed to double the authorized number of Class A and Class B preferred shares from 277.5 million to 555 million. This grants the company greater flexibility to raise capital without immediately diluting common stockholders to the same extent.

• Class A "MARS" Shares: These adjustable-rate securities are designed to pay monthly, variable-rate dividends. According to Bitcoin Strategy Lead Dylan LeClair, this structure targets price stability and predictable cash flows, aiming to attract income-focused institutional investors.
• Class B "Mercury" Shares: This class incorporates several additional rights, drawing from private credit and structured equity models to mitigate downside risk for long-term backers. Features include quarterly dividends, an issuer call option after ten years at 130% of face value, and investor put options should a qualifying public listing not occur within one year.

Broadening the Investor Base

A key component of the new strategy is the ability to issue Class B preferred shares directly to foreign institutional investors. This simplifies access for international funds that may have faced barriers investing in the Tokyo-listed common stock.

Furthermore, the board approved a reclassification of capital and reserves into the capital surplus account. This maneuver increases the capacity for preferred share dividend payments and potential share buybacks.

Bitcoin Holdings and Macro Context

As of the meeting date, Metaplanet's treasury held approximately 30,823 Bitcoin, valued at around $2.75 billion. This positions the firm as the fourth-largest corporate Bitcoin holder globally, the largest in Asia, and a major player among public digital asset treasury companies.

The company's stated goal is to accumulate roughly 210,000 Bitcoin by the end of 2027—an amount equivalent to nearly 1% of the total Bitcoin supply. Achieving this ambitious target will require consistent capital deployment and successful placement of the new financial instruments.

Metaplanet's strategic pivot is partly driven by macroeconomic concerns in Japan, particularly regarding the long-term purchasing power of the yen. With ten-year Japanese Government Bond yields at 2.1% and forecasts from Goldman Sachs suggesting they could rise to approximately 4.3% over the next two decades, the company views Bitcoin as a hedge against potential yen depreciation and rising inflation.

Market Reaction and Institutional Backing

Following the meeting, Metaplanet's shares closed at 451 yen, a gain of 4.16% for the session, after reaching an intraday high of 458 yen. The stock is up roughly 26% over the past month, rebounding from a support level near 338 yen in November. Despite this recovery, it continues to trade about 75% below its all-time high of 1,930 yen recorded in June.

The restructuring follows earlier endorsement from Norges Bank Investment Management, the world's largest sovereign wealth fund, which holds a stake of about 0.3% in Metaplanet. This investment supports the perception that its Bitcoin-centric strategy is gaining institutional credibility.

The environment for digital asset treasury firms remains challenging, with many trading below the market value of their crypto holdings. Analysts note the risks posed by a prolonged downturn in cryptocurrency markets, which could pressure such business models. Nonetheless, the trend continues in Japan, where two smaller listed firms recently invested a combined $2.6 million in Bitcoin and announced further purchases planned for 2026.

Strategic Roadmap Ahead

With the capital restructuring now approved, Metaplanet's path forward involves several key initiatives:

• Issuing preferred shares to finance additional Bitcoin acquisitions.
• Expanding access for foreign institutions through the new share classes.
• Potentially developing a US ADR program to attract dollar-based investors.
• Continuously adding to its Bitcoin position toward the 210,000 BTC target.

Metaplanet's share price has exhibited high volatility in 2025. Despite the sharp decline since June, it maintains a year-to-date gain of approximately 33%. The critical factors moving forward will be the scale at which the company can place the new instruments in the capital markets and the speed at which this translates into further Bitcoin purchases. Trading on the Tokyo exchange will resume on Monday following the weekend break.