Metaplanet Approves Issuance of Dividend-Paying Preferred Shares…Seeks to Attract Overseas Institutional Investors
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- Metaplanet said it approved the issuance of dividend-paying preferred shares and will seek funding from overseas institutional investors.
- It said Class A preferred shares will have a monthly variable-rate dividend, and Class B preferred shares will include quarterly dividends and a redemption condition of 130% of par value after 10 years.
- It said the move structures an opportunity for overseas institutions to invest indirectly in the company's Bitcoin assets.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Japanese Bitcoin (BTC) holding company Metaplanet has approved the issuance of dividend-paying preferred shares and is moving to raise funds from overseas institutional investors.
On the 22nd (local time), according to crypto-focused media Cointelegraph, Metaplanet shareholders approved five proposals related to a capital structure overhaul. As a result, the company can pursue issuing preferred shares that can pay dividends, introducing a new dividend structure, and allowing participation by overseas institutional investors.
Dylan Leclair, Metaplanet's Bitcoin Strategy Director, said of the approval, "By issuing preferred shares, we have established an institutional-investor-friendly funding structure."
The approved proposals included measures to reclassify the capital reserve to enable preferred-share dividends and share buybacks, as well as an increase in the issuance limits for Class A and B preferred shares. Class A preferred shares will apply a monthly variable-rate dividend structure, while Class B preferred shares include quarterly dividends and a redemption condition set at approximately 130% of par value after 10 years.
Metaplanet also approved issuing Class B preferred shares to overseas institutional investors. This is interpreted as a structure aimed at institutional demand, as it provides a means to gain indirect exposure to the company's Bitcoin assets without directly holding Bitcoin.
Metaplanet currently holds 30,823 BTC, which is the largest in Asia and the fourth-largest among companies worldwide. The company has also signaled plans to begin ADR trading in the U.S. over-the-counter (OTC) market.
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