Japanese Bitcoin-stacking company Metaplanet secured shareholder approval to overhaul its capital structure, clearing a path for billions in potential fundraising earmarked for its Bitcoin accumulation strategy.
At an extraordinary general meeting on Monday, investors backed amendments to the company’s articles of incorporation to expand its authorized shares to 2.7 billion. It also introduced a new dual-class preferred stock system that would allow Metaplanet to attract different types of investors while preserving control for existing shareholders.
Class A shares would carry a fixed dividend, offering income-focused investors more stable returns. Class B shares would be a riskier bet, but come with the option of converting into common stock. The move provides potential upside if the company’s Bitcoin accumulation strategy succeeds.
Metaplanet framed the new share classes as a “defensive mechanism,” which shields common shareholders from excessive dilution while unlocking as much as 555 billion yen ($3.7 billion) in potential funding.
Metaplanet moves closer to realizing Bitcoin goals
On Aug. 1, Metaplanet announced the plan to raise $3.7 billion to help fund its goal of acquiring 210,000 Bitcoin (BTC) by the end of 2027.
On Wednesday, the company’s board of directors resolved to issue new shares through an international offering. This paved the way for the shareholder meeting, which was likely the biggest hurdle in internal governance.
While shareholders approved the framework, the company’s board must still authorize the specific issuance terms. Metaplanet must also file detailed registration statements to Japanese regulators.
The biggest challenge for the company’s aspirations to raise funds is getting actual investors to achieve the maximum potential raise of $3.7 billion.
Metaplanet’s efforts to raise funds come amid a recent decline in stock prices. On Tuesday, Google Finance data showed that Metaplanet stock was trading at about $5.74, down 54% from its high of $12.75 in June.
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Metaplanet holds the sixth-largest corporate Bitcoin treasury
As of Tuesday, Metaplanet was the world’s sixth-largest corporate Bitcoin holder. The company purchased 1,009 BTC on Monday for about $112 million.
This pushed its holdings to 20,000 Bitcoin, worth about $2.2 billion at current market prices.
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