Metaplanet Secures Shareholder Approval for Ambitious Bitcoin Treasury Expansion

Metaplanet JP3481200008

Metaplanet Inc. has received unanimous shareholder authorization to proceed with a comprehensive capital reorganization, setting the stage for a dramatic increase in its Bitcoin holdings. The company's strategy aims to accumulate approximately 1% of the total Bitcoin supply by the end of 2027, positioning it as one of the most aggressive corporate acquirers of the cryptocurrency.

During an extraordinary general meeting held on December 22, investors approved all five management proposals without a single dissenting vote. The company's Strategy Director, Dylan LeClair, confirmed the voting outcome on social media platform X, with CEO Simon Gerovich subsequently expressing public gratitude for the shareholder support.

The approved measures are designed to create the legal and structural foundation for funding future Bitcoin purchases. They focus on attracting institutional capital while minimizing dilution for existing common shareholders.

Key Components of the Restructuring

The overhaul involves several interconnected actions:

• Conversion of Capital Components: Elements of capital stock and capital reserves will be reclassified as capital surplus. This move grants Metaplanet greater flexibility for managing preferred share dividends and potential share buybacks.
• Expansion of Authorized Capital: The maximum allowable number of Class A and Class B preferred shares has been significantly increased.
• Revised Preferred Share Framework: The structure of preferred shares has been updated. Class A shares, designated "MARS," will now offer variable interest dividends on a monthly basis. Class B shares, labeled "MERCURY," will distribute dividends quarterly and incorporate additional investor protection features.
• Accessing Global Investment: The company is now permitted to issue Class B preferred shares to foreign institutional investors.

Financing a Bitcoin-Focused Strategy

The core objective of the new capital architecture is to finance substantial additional Bitcoin acquisitions. The introduction of distinct preferred share classes is intended to attract investors seeking regular income, thereby providing funding while Metaplanet concentrates on growing its digital asset treasury.

Investor-Friendly Features of New Share Classes

The redesigned preferred shares include several mechanisms aimed at appealing to institutional and yield-focused investors:

• Variable Dividend Payouts: Dividends will be linked to market benchmarks and adjusted periodically. This offers investors market-aligned returns while initially providing Metaplanet with lower capital-raising costs.
• Ten-Year Call Option at 130%: For Class B shares, the company holds a call right. After a decade, Metaplanet can repurchase these shares at 130% of their original issue price.
• Put Rights on Delayed Listing: Should specific plans for a public listing fail to materialize within one year, investors gain the right to sell their shares back to Metaplanet at a predetermined price.

Current Standing and Future Targets

As of the end of December 2025, Metaplanet's treasury holds 30,823 Bitcoin. At current market prices, this position is valued at approximately $2.69 billion. This already places the company among the world's largest corporate holders of Bitcoin.

Based on available data, Metaplanet currently ranks as the fourth-largest publicly traded company by Bitcoin treasury size, trailing only Strategy (formerly MicroStrategy), MARA Holdings, and XXI.

The critical challenge for the coming years will be whether the company can successfully leverage its newly approved capital structure to secure sufficient funding. The ultimate goal is to achieve its stated target of holding 210,000 Bitcoin by the conclusion of 2027.