Metaplanet concluded its Extraordinary General Meeting (EGM) today with favorable results that could define the company's future. This includes the strategy for acquiring Bitcoin for the next year, as the firm plans to reach 100,000 $BTC .
The CEO, Simon Gerovich, revealed the shareholders' decision on the management proposals. Gerovich said: "Thank you for attending the shareholders' meeting. All agenda items were approved. Thank you very much."
He met with shareholders to discuss and vote on key agenda items relevant to strategic and governance issues of the company, including next year's Bitcoin accumulation strategy.
At the close of this edition, the stock rebounded by 4.16%, reaching 451 JPY, with a significant increase in trading volume. The intraday lows and highs are 428 JPY and 458 JPY, respectively.
According to Yahoo Finance, Metaplanet's shares have risen by more than 26% in a month. This marks a much-needed upward momentum following the drop from its 52-week high of 1930 yen in June.
Meanwhile, MTPLF shares are also on the rise following the launch of MPJPY, a new ADR (American Depositary Receipts). MTPLF closed Friday up 7.75%, trading at $2.78. Meanwhile, MPJPY plunged 28.75% since its debut, to $4, closing Friday at $2.85.
Metaplanet received a significant vote of confidence from Norges Bank Investment Management, the world's largest sovereign wealth fund. Norges Bank voted in favor of all five proposals.
Dylan LeClair, Bitcoin strategy director at Metaplanet, revealed a broader consensus among shareholders in favor of management proposals.
It revealed that shareholders approved the transfer of share capital and capital reserve to capital surplus to increase the dividend capacity of preferred shares and the possible share buyback. They also voted in favor of increasing the total number of authorized preferred shares from 277.5 million to 555 million shares.
MARS Class A preferred shares were modified to a monthly floating rate dividend structure. Likewise, MERCURY Class B preferred shares were modified to a quarterly dividend structure, with a sell option right for investors unless the initial public offering is made within one year. Shareholders also approved the issuance of Class B preferred shares to foreign institutional investors.
