Metaplanet shareholders approved all five proposals at an extraordinary meeting December 22, clearing the way for dividend-paying preferred shares designed to fund Bitcoin (BTC) acquisitions without diluting common stockholders.
The Tokyo-listed company holds 30,823 BTC worth approximately $2.7 billion.
Bitcoin Strategy Director Dylan LeClair confirmed the unanimous approval on X.
CEO Simon Gerovich thanked attendees after all agenda items passed.
What Happened
Shareholders authorized expanding preferred shares to 555 million for both Class A and Class B structures, doubling previous authorization.
Class A shares will operate under MARS (Metaplanet Adjustable Rate Security) structure with monthly floating-rate dividends designed to deliver price stability.
The dividend rate adjusts to keep shares trading near par value.
Class B shares, branded "Mercury," pay quarterly dividends of 4.9% annually and include a 10-year 130% issuer call option plus investor put rights unless an IPO occurs within one year.
Mercury shares raised ¥21.25 billion ($135 million) in November through third-party allocation to overseas institutional investors.
The structure mirrors Strategy's STRC preferred stock, which launched in July and currently trades near $98 with approximately 10.75% annualized dividend.
Strategy has used STRC proceeds to acquire about 21,000 BTC since the program's initial public offering.
Metaplanet also approved shifting capital stock and reserves to capital surplus, increasing capacity for preferred share dividends and potential share buybacks.
The shareholder approvals followed Metaplanet's December 19 launch of a Sponsored Level I American Depositary Receipt program under ticker MPJPY.
Deutsche Bank Trust Company Americas serves as depositary while MUFG Bank acts as custodian.
Each ADR represents one ordinary Metaplanet share trading on U.S. over-the-counter markets.
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Why It Matters
The preferred share structure provides Metaplanet with non-dilutive capital to continue Bitcoin accumulation toward its 210,000 BTC goal by 2027.
Dividend-paying securities attract institutional investors seeking Bitcoin exposure through familiar income-generating instruments rather than direct cryptocurrency holdings.
The MPJPY ADR program replaced unsponsored MTPLF trading that lacked formal depositary agreements and limited company disclosure capabilities.
Metaplanet shares rose 6.5% in Tokyo trading following the announcements.
The company ranks as the fourth-largest corporate Bitcoin holder globally and Japan's largest.
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