Metaplanet’s extraordinary general meeting marked a turning point for the company’s long-term direction, with shareholders delivering a unanimous mandate that reshapes how the firm plans to finance and expand its Bitcoin strategy.
Rather than focusing on short-term market reactions, the outcome of the meeting highlights a deeper strategic reset. Investors approved a full slate of governance and capital structure changes that give Metaplanet far more flexibility in how it raises capital, rewards investors, and positions itself as a major corporate Bitcoin holder outside the United States.
Key Takeaways
Shareholders fully backed Metaplanet’s new capital and Bitcoin strategy at the EGM.
The company will rely more on preferred shares and less on common stock dilution.
New preferred share structures are designed to attract institutional and overseas investors.
The meeting brought together shareholders to vote on proposals tied to capital allocation, dividend mechanics, and institutional access. All five agenda items passed, signaling broad alignment between management and investors on the company’s future path.
CEO Simon Gerovich confirmed the outcome shortly after the meeting, thanking participants and emphasizing that the approvals reflect confidence in management’s strategy. Central to that strategy is Metaplanet’s ambition to significantly scale its Bitcoin holdings over time, with management previously outlining a long-term target that would place the firm among the largest corporate Bitcoin treasuries globally.
From equity dilution to structured capital
What makes this vote notable is not only the Bitcoin ambition, but the tools Metaplanet now plans to use to pursue it. Shareholders approved a restructuring of the company’s capital framework that shifts part of its capital stock and reserves into capital surplus. This change increases the company’s ability to pay preferred share dividends and conduct buybacks, introducing elements more common in mature capital markets than in high-growth crypto narratives.
Investors also authorized a substantial expansion in the number of preferred shares the company can issue. By doubling the authorized count, Metaplanet gains room to raise funds without relying exclusively on common equity issuance, a move that reduces long-term dilution risk for existing shareholders.
Preferred shares take center stage
The approved changes place preferred equity at the heart of Metaplanet’s funding strategy. Class A preferred shares were redesigned to offer monthly, floating-rate dividends, creating a predictable income stream that aligns with institutional requirements.
Class B preferred shares were also revised, introducing quarterly dividends and additional investor protections. These include exit rights if a qualifying public listing does not occur within a defined period, features that mirror structures seen in private credit and structured equity markets rather than typical crypto-linked investments.
Crucially, shareholders also approved the issuance of Class B preferred shares to overseas institutional investors. This opens the door to global capital pools seeking Bitcoin exposure through a regulated corporate structure rather than direct ownership of digital assets.
Institutional backing strengthens the signal
Support for the proposals extended beyond retail investors. Norges Bank Investment Management, the world’s largest sovereign wealth fund, voted in favor of all five items. Its backing adds institutional credibility to Metaplanet’s approach and underscores that the strategy resonates with large, long-term capital allocators.
According to Bitcoin-focused executives within the company, the vote reflects a growing consensus that corporate Bitcoin strategies are evolving. Instead of relying purely on accumulation funded by equity issuance, firms like Metaplanet are beginning to blend Bitcoin treasuries with conventional financial instruments.
A broader global positioning
The EGM outcome fits into a wider effort by Metaplanet to position itself beyond Japan’s domestic market. The company has been building international infrastructure, including steps toward broader access for non-Japanese investors through depositary structures and overseas subsidiaries.
Taken together, the shareholder vote, preferred share overhaul, and international outreach suggest that Metaplanet is no longer experimenting with Bitcoin exposure. It is formalizing a model designed to survive across market cycles, appeal to institutions, and scale globally – with Bitcoin remaining the core asset, but not the only pillar of its strategy.
