coinspress.com
Metaplanet is quietly rewriting how a Bitcoin-heavy public company can finance itself - and it is doing so by borrowing tools straight from institutional credit markets rather than crypto-native playbooks.
Instead of leaning further into equity dilution, the Tokyo-listed firm has secured shareholder approval for a capital overhaul that introduces dividend-paying preferred shares, opening a new channel for long-term funding tied to its Bitcoin balance sheet. The move positions Metaplanet less like a speculative equity proxy and more like a structured investment vehicle built for professional capital.
At its core, the change allows Metaplanet to issue income-generating securities backed by its corporate structure rather than by direct Bitcoin yield. For institutions restricted from holding spot BTC or volatile common shares, this creates a familiar gateway into Bitcoin exposure wrapped in conventional financial terms.
From dilution to dividends
Until now, Metaplanet’s strategy mirrored the early-stage playbook of many Bitcoin-focused firms: raise capital through common stock issuance and deploy it into BTC. The newly approved framework marks a pivot away from that single-track approach.
Shareholders approved a package of measures that rework how capital reserves are treated, expand the company’s authority to issue preferred shares, and redesign dividend mechanics to support regular payouts. Together, these changes enable preferred equity to coexist alongside Metaplanet’s Bitcoin-heavy treasury without putting pressure on common shareholders through constant dilution.
The restructuring also significantly increases the authorized issuance capacity for both Class A and Class B preferred shares, giving the company flexibility to tailor funding rounds to different investor profiles.
Income-focused Bitcoin exposure
Rather than promising Bitcoin-linked yield, Metaplanet is offering predictability. Its redesigned Class A preferred shares will now pay monthly, floating-rate dividends under a structure known internally as the Metaplanet Adjustable Rate Security. The emphasis is not on upside speculation, but on steady income – a key requirement for pension funds, insurers, and yield-focused allocators.
Class B preferred shares take a more structured route. They introduce quarterly dividends, a built-in issuer call option after a decade at a premium valuation, and a protective investor put option if a qualifying public listing tied to the security fails to materialize within a year. These terms are more commonly seen in private credit or structured equity deals than in crypto-adjacent products.
For investors, this translates into downside protection and defined exit routes. For Metaplanet, it unlocks patient capital without sacrificing long-term control of its Bitcoin strategy.
Why institutions are paying attention
The timing is not accidental. Metaplanet currently holds approximately 30,823 Bitcoin, worth about $2.75 billion, according to Bitcoin Treasuries. That makes it the largest corporate Bitcoin holder in Asia and one of the biggest globally.
By allowing overseas institutions to participate in its preferred share offerings, Metaplanet is effectively exporting a Bitcoin treasury strategy beyond Japan’s borders. Global investors gain indirect exposure to Bitcoin through a regulated corporate structure, while avoiding the custody, volatility, and accounting challenges associated with holding BTC directly.
This approach also reflects how Bitcoin strategies are evolving outside the US, where regulatory frameworks and capital market norms differ but institutional appetite remains strong.
A global footprint takes shape
Metaplanet’s ambitions now extend well beyond Japan. The company recently confirmed plans to trade in the US via over-the-counter markets using American Depositary Receipts, following the establishment of a subsidiary in Miami.
Taken together, the preferred share overhaul and US market entry suggest a broader repositioning. Metaplanet is no longer presenting itself as a pure Bitcoin accumulation story, but as an institutional-grade platform where Bitcoin sits at the center of a more sophisticated capital structure.
For global investors seeking Bitcoin exposure without stepping directly into crypto markets, Metaplanet’s latest move offers a blueprint that looks far more familiar – and potentially far more scalable.