Metaplanet Gains Major Institutional Backing for Bitcoin Strategy

Metaplanet JP3481200008

A significant institutional investor has thrown its weight behind Metaplanet's controversial pivot to Bitcoin. Norges Bank Investment Management (NBIM), the manager of Norway's $1.7 trillion sovereign wealth fund, has publicly endorsed all five management proposals for the company's upcoming extraordinary general meeting. This move provides substantial credibility to the Japanese firm, often dubbed "Japan's MicroStrategy," as it seeks shareholder approval for a major capital restructuring aimed at funding further Bitcoin acquisitions.

The support from the conservative Norwegian fund, which held approximately 0.3 percent of Metaplanet's shares as of mid-year, is seen as a pivotal endorsement. NBIM's confirmation, issued on Wednesday, effectively blesses the company's plan to finance large-scale Bitcoin purchases through the issuance of new share classes. This development helped stabilize Metaplanet's share price, which had recently settled around 404 JPY after considerable volatility stemming from its transformation from a hotel operator to a Bitcoin-focused treasury vehicle.

Funding the Digital Asset Accumulation

At the heart of the approved proposals is a complex capital reorganization. The plan involves creating new preferred share classes, named "Mars" and "Mercury," designed to expand Bitcoin holdings without excessively diluting existing common shareholders. The "Mercury" shares are of particular strategic importance, targeting institutional investors to facilitate an allocation worth $150 million.

All capital raised through this mechanism is earmarked exclusively for purchasing additional Bitcoin. Market observers interpret the backing from a risk-aware, heavyweight investor like the Norwegian fund as a critical validation of this leveraged accumulation model. This support elevates Metaplanet's profile beyond that of a mere speculative instrument for retail investors.

The Decisive Shareholder Meeting

Attention now turns to Monday, December 22, the date of the critical shareholder vote. With the secured support of its largest institutional minority shareholder, the passage of the capital increase plans is considered highly probable. Investors will be watching closely to see how swiftly Metaplanet can execute the $150 million placement following the vote and how its share price responds to Bitcoin's price movements over the weekend. A successful conclusion would pave the way for the company's long-term objective of holding 100,000 Bitcoins on its balance sheet.