Japan’s largest corporate bitcoin holder shifts toward income-focused capital structures
Metaplanet has approved significant changes to its capital structure, enabling the issuance of dividend-paying preferred shares aimed at overseas institutional investors. The move signals an evolution in how bitcoin-focused public companies raise capital, blending digital asset exposure with income-oriented financial instruments familiar to global markets.
Shareholders approved multiple proposals allowing Metaplanet to issue both Class A and Class B preferred shares with enhanced dividend features. The measures include reclassifying capital reserves to support dividend payments and potential buybacks, as well as doubling the authorized number of preferred shares. These changes provide flexibility to raise funds without relying solely on common equity dilution.
A key development is the introduction of a monthly, floating-rate dividend for Class A preferred shares, branded as an adjustable-rate security. This structure is designed to meet institutional demand for predictable and recurring income. Class B preferred shares were also revised to include quarterly dividends, a 10-year issuer call option at a premium, and an investor put option if a qualifying public listing does not occur within one year.
Metaplanet currently holds approximately 30,823 bitcoin, valued at about $2.75 billion, making it the largest corporate bitcoin holder in Asia and among the largest globally. Rather than offering direct yield on bitcoin, the company is using preferred equity to package exposure to its bitcoin-heavy balance sheet in a format that reduces volatility and downside risk for long-term capital providers.
By opening participation to overseas institutions, Metaplanet broadens access for investors seeking bitcoin exposure without holding spot assets. The company is also preparing to trade in the United States via American Depositary Receipts, underscoring its strategy to tap global capital markets while operating within Japan’s regulatory framework.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.