Metaplanet Shareholders Face Pivotal Vote on Bitcoin Strategy

Metaplanet JP3481200008

A critical shareholder vote scheduled for December 22nd will determine the future strategic direction of Japanese company Metaplanet. The firm’s leadership, led by CEO Simon Gerovich, is urging investors to approve a series of capital measures designed to fund a massive expansion of its Bitcoin holdings.

The company confirmed on December 15th that notices for the extraordinary general meeting had been dispatched. Management has framed the gathering as essential for the firm's long-term trajectory, with Gerovich calling on shareholders to exercise their voting rights promptly ahead of the Friday deadline.

Central to the proposals is a long-term accumulation strategy aiming to grow Metaplanet's Bitcoin reserve to 100,000 BTC by the end of 2026. The company currently holds 30,823 BTC, valued at approximately $2.78 billion. To finance this ambitious goal, the board has put forward a comprehensive capital restructuring plan.

The key items on the meeting's agenda include:
* New Share Classes: The creation of Class A (MARS) and Class B (MERCURY) preferred shares.
* Capital Adjustments: A proposed reduction of stated capital and capital reserves.
* Funding Target: Raising roughly 21.25 billion yen (about $150 million) in fresh capital.

Financing Model Mirrors MicroStrategy

The proposed MetaPlanet Acquisition and Reserve Strategy (MARS) clearly draws inspiration from the model pioneered by MicroStrategy in the United States. Under the plan, the MERCURY-class shares would offer an annual dividend yield of 4.9% and include conversion rights priced at 1,000 yen per share.

Shares Consolidate as Market Awaits Outcome

Market participants appear to be in a holding pattern pending the meeting's result. In recent Tokyo trading, Metaplanet's shares closed 1.36% lower at 436 yen, fluctuating between a daily range of 408 and 439 yen. The U.S.-listed ticker (MTPLF) also declined, shedding 2.8% to $2.71 on Friday and erasing its recent gains.

This pullback follows a recovery of nearly 15%, which coincided with the company's market value to net asset value (mNAV) ratio climbing back above 1.0. The ratio currently stands at 1.13, indicating the market is valuing Metaplanet at a slight premium to the value of its core Bitcoin holdings.

The implementation of the company's expansion strategy is entirely contingent on a favorable vote this Sunday. Shareholder approval of the new financial instruments is the mandatory prerequisite for management to access the capital required to pursue its target of 100,000 Bitcoin.