The Norwegian sovereign wealth fund on Wednesday backed Bitcoin Treasury firm Metaplanet’s 5 of 5 Management proposals. The fund also disclosed its initiative for Metaplanet ahead of its December 22 Extraordinary General Meeting (EGM) on its website.
Norges Bank Investment Management also said it will exercise its voting rights at the shareholder meeting. NBIM currently holds 0.3% of the BTC Treasury company as of June 30, 2025.
NBIM backs 5 of 5 of Metaplanet’s proposals
The announcement from the $2 trillion fund has caused Metaplanet’s stock to bounce more than 1.51% on Wednesday to $2.60 (404 JPY). The firm’s stock also rebounded nearly 15% during previous sessions, driven by the bounce back of its mNAV above 1.
According to Metaplanet’s director for Bitcoin Strategy, Dylan LeClair, the fund seems confident in Metaplanet’s strategy of accumulating Bitcoin. Norges Bank revealed that it supports Metaplanet’s proposal to approve capital reduction and accounting transfers. The fund also backed the firm’s proposal to amend Articles to increase Authorized Capital for Class A and B Shares.
NBIM said it approves the Japanese firm’s proposal to amend the Articles to amend provisions on Class A and B Shares. The bank also supports the approval issuance of Class B Shares for private placement.
The BTC treasury firm already surpassed its target of accumulating 21,000 Bitcoin by 2026. The fund’s backing could also boost the Japanese firm’s aims to accumulate 210,000 BTC by the end of 2027. Metaplanet’s goal has led to its shareholders approving proposals to raise capital through the issuance of preferred shares to fund its Bitcoin accumulation strategy.
BitcoinTreasuries.com data revealed that Metaplanet currently holds 30,823 Bitcoin in its balance sheet, worth more than $2.68 billion. The firm ranks fourth among the top public Bitcoin Treasury companies, with Strategy leading the pack with 671,268 BTC in its holdings. MARA Holdings and Twenty One Capital follow with approximately 53,250 BTC and 43,250 BTC, respectively.
Metaplanet introduces a new two-tier capital structure
Late last month, Metaplanet shifted its strategy and introduced a new two-tier capital structure that works on the MARS and MERCURY stocks. The firm revealed that MARS pays an adjustable monthly dividend while MERCURY pays a fixed dividend rate of 4.9% annually. MARS also has no conversion rights into common stock, but MERCURY comes with the option to convert common stock at a rate of 1,000 JPY per share.
Cryptopolitan previously reported that Metaplanet is sitting on paper losses, driven mainly by the recent market downturn that saw Bitcoin drop to $80,000. The Bitcoin Treasury firm had purchased the digital asset at an average price of $108,036. At the time of publication, on-chain data indicated that Bitcoin was trading at $87,150, down more than 5.3% over the last 7 days.
On-chain data revealed that Strategy’s stock price had plummeted nearly 55% from BTC’s October peak and had dropped 63% from its mid-July level. According to BitcoinTreasuries.com, more than 70 other corporate Bitcoin holders have also seen the value of their assets drop below cost basis.
“Investment vehicles for Bitcoin have exploded across both retail and institutional markets, fundamentally expanding access. However, the nuances matter in terms of how people want to express leverage and to what degree they want to hedge their exposure.”
-John D’Agostino, Head of Strategy at Coinbase Institutional.
Despite the losses, the Japanese firm recently announced plans to raise $150 million to fund additional BTC purchases. Metaplanet has fully transitioned from the strategy it began with in the first stage of its journey, which was raising cash by issuing common stock warrants.
The firm’s first approach to raising funds for BTC accumulation caused dilution for existing common shareholders. Metaplanet shifted its strategy in 2025 and introduced a range of convertible and non-convertible preferred share classes.
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