Metaplanet Approves Issuance of Dividend-Paying Preferred Shares…Seeks to Attract Overseas Institutional Investors

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.