Japanese firm Metaplanet has received shareholder approval to revamp its capital structure, clearing the way for a multi-billion dollar fundraising drive aimed at expanding its bitcoin treasury.
Capital overhaul paves way for fundraising
At an extraordinary general meeting, Metaplanet investors approved amendments to expand authorized shares to 2.7 billion and introduced a dual-class preferred stock structure.
Class A shares will offer a fixed dividend, appealing to income-focused investors, while Class B shares can be converted to common stock, allowing for greater upside tied to the company’s bitcoin ambitions.
Metaplanet described the dual-class system as a “defensive mechanism” to prevent excessive dilution for common shareholders.
The changes could unlock as much as 555 billion yen ($3.7 billion) in potential funding dedicated to bitcoin accumulation.
Progress toward bitcoin acquisition goals
On August 1, Metaplanet outlined a plan to raise $3.7 billion to acquire up to 210,000 bitcoin by the end of 2027.
This week, the board resolved to issue new shares through an international offering, a move that required and now has shareholder support.
However, final issuance terms and regulatory filings are still pending.
Fundraising challenges remain
The company’s share price has lagged in recent months, trading at about $5.74—down 54% from June highs.
Securing the full $3.7 billion will depend on market appetite and investor participation.
Sixth-largest corporate bitcoin holder
With its most recent purchase of 1,009 BTC for approximately $112 million, Metaplanet’s total holdings have reached 20,000 BTC, valued at about $2.2 billion.
This makes Metaplanet the sixth-largest corporate bitcoin holder globally, underlining its commitment to a bitcoin-focused treasury strategy.
