{"id":57407,"date":"2025-12-22T15:35:18","date_gmt":"2025-12-22T08:35:18","guid":{"rendered":"https:\/\/hbbgroup.net\/metaplanet-clears-issuance-of-dividend-paying-shares-for-overseas-institutions\/"},"modified":"2025-12-22T15:35:18","modified_gmt":"2025-12-22T08:35:18","slug":"metaplanet-clears-issuance-of-dividend-paying-shares-for-overseas-institutions","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/metaplanet-clears-issuance-of-dividend-paying-shares-for-overseas-institutions\/","title":{"rendered":"Metaplanet clears issuance of dividend-paying shares for overseas institutions"},"content":{"rendered":"
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Metaplanet approved an overhaul of its capital structure on Monday, allowing Japan\u2019s largest corporate Bitcoin holder to raise funds through dividend-paying preferred shares aimed at institutional investors.\u00a0 \u00a0<\/p>\n

Investors approved five proposals that collectively expand the Metaplanet\u2019s ability to issue preferred shares, introduce new dividend mechanics and open participation to overseas institutional capital, said<\/a> Dylan LeClair, the company\u2019s Bitcoin strategy director.<\/p>\n

The approved measures include reclassifying capital reserves to allow for preferred share dividends and potential buybacks, doubling the authorized number of Class A and Class B preferred shares and amending dividend structures to introduce floating and periodic payouts.\u00a0<\/p>\n

In addition, Metaplanet cleared the issuance of Class B preferred shares to international institutional investors.<\/p>\n

Metaplanet held about 30,823 Bitcoin (BTC<\/a>) at press time, worth $2.75 billion, according<\/a> to Bitcoin Treasuries. This makes the company the biggest corporate Bitcoin holder in Asia, and the fourth-biggest in the world.\u00a0<\/p>\n

Source: <\/em>Dylan LeClair<\/em><\/a><\/figcaption><\/figure>\n

Preferred shares and institutional access<\/h2>\n

The approved proposals mark a shift away from a pure growth-through-dilution approach to a more traditional markets approach, where income-producing securities coexist with a Bitcoin-focused balance sheet strategy.\u00a0<\/p>\n

Rather than offering direct Bitcoin yield, Metaplanet is using preferred equity to package exposure to its corporate Bitcoin holdings in a format familiar to institutions.\u00a0<\/p>\n

One of the most notable changes is the amendment for the company’s Class A preferred shares to adopt a monthly, floating-rate dividend structure known as the \u201cMetaplanet Adjustable Rate Security.\u201d <\/p>\n

This design allows investors to receive regular income, which aligns with the institutional need for predictable cash flows.\u00a0<\/p>\n

Class B preferred shares were also amended to include quarterly dividends, a 10-year issuer call at 130% of face value and an investor put option if the company does not complete an initial public offering (IPO) within a year.\u00a0<\/p>\n

Related: <\/strong><\/em>MSCI\u2019s Bitcoin snub is like penalizing Chevron for oil: Strategy CEO<\/strong><\/em><\/a><\/p>\n

This means that Metaplanet can buy the shares back after 10 years at a premium price, while investors have the right to exit early if the company does not go public in a year. <\/p>\n

These features mirror protections commonly seen in private credit and structured equity markets, reducing downside risk for long term providers of capital.\u00a0<\/p>\n

Furthermore, by targeting overseas institutions, Metaplanet allows global investors who may want Bitcoin exposure without directly holding spot BTC or volatile common stock.\u00a0<\/p>\n

Metaplanet expands to global markets<\/h2>\n

Metaplanet is one of the most closely watched Bitcoin-focused public companies in Asia.<\/p>\n

It\u2019s often compared to US-based corporate Bitcoin treasury models, despite operating in Japan’s regulatory and capital markets environment.\u00a0<\/p>\n

The company\u2019s approach highlights how non-US companies are adapting Bitcoin strategies to local market constraints while still pursuing global capital.\u00a0<\/p>\n

On Friday, the company announced that it was set to begin trading in the US<\/a> on the over-the-counter market through American Depositary Receipts. The announcement came months after the company established a subsidiary in Miami<\/a>.\u00a0<\/p>\n