Japan's Bitcoin treasury company Metaplanet passed a capital structure reform proposal at its extraordinary shareholder meeting on Monday, enabling it to raise funds by issuing dividend-type preferred stock to institutional investors.
Metaplanet's Bitcoin Strategy Director Dylan LeClair stated that investors passed five proposals, which will expand the company's space for issuing preferred stock, introduce new dividend mechanisms, and open up participation for overseas institutional funds.
The measures it passed include reclassifying capital reserves to facilitate the distribution of preferred stock dividends and retain potential share buyback space, while doubling the approved issuance of Class A and Class B preferred stock and revising the dividend structure to introduce floating and fixed dividends. In addition, Metaplanet also passed the issuance of Class B preferred stock to international institutional investors.
Source: Dylan LeClair
The passage of these proposals symbolizes Metaplanet's farewell to the model of pursuing growth solely through equity dilution, shifting towards a more traditional capital market approach, allowing income-generating securities to run parallel with a Bitcoin-centric balance sheet strategy.
Metaplanet does not directly provide Bitcoin returns, but packages its corporate Bitcoin holdings' exposure into investment forms familiar to institutional investors through special equity rights. One of the most notable changes is the revision of the company's Class A special shares, adopting a monthly, floating interest rate dividend structure. This design allows investors to receive regular income, meeting institutional investors' demand for predictable cash flows.
According to data from Bitcoin Treasuries, Metaplanet currently holds about 30,823 Bitcoins, valued at approximately $2.75 billion based on a price of $89,500 per coin, making it the fourth-largest publicly traded company by Bitcoin holdings in the world.
Metaplanet was originally a company developing Web3 and metaverse technologies and operating in the hotel business, transforming into a Bitcoin financial enterprise in April 2024, using Bitcoin as its core financial reserve asset to hedge against Japan's debt burden and the resulting yen volatility.
From the official transformation to June 2025, Metaplanet's stock price (stock code: 3350) has cumulatively risen by about 100 times, reaching a peak of 1930 yen at one point. However, as the cryptocurrency market continues to weaken and investors' concerns about the sustainability of the Digital Asset Treasury (DAT) model intensify, Metaplanet's stock price has significantly declined from its peak, with a cumulative drop of over 75%, closing at 451 yen on Monday.
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