Japan’s largest corporate holder of Bitcoin has approved a major overhaul of its capital structure, opening the door to dividend paying preferred shares aimed at institutional investors, including those based overseas.
Metaplanet confirmed on Monday that shareholders approved five proposals designed to broaden its funding options while reducing reliance on growth driven by dilution. According to Dylan LeClair, the company’s Bitcoin strategy director, the changes signal a clear move towards attracting income focused institutional capital alongside its Bitcoin treasury strategy.
The proposals expand Metaplanet’s ability to issue preferred shares, revise dividend mechanisms and formally allow participation from international institutions. This marks a significant evolution for a company previously viewed mainly as a high growth Bitcoin exposure play.
Changes to preferred share structure
A key part of the approved overhaul involves reclassifying capital reserves, enabling the company to pay dividends on preferred shares and carry out potential buybacks. Shareholders also approved a doubling of the authorised number of both Class A and Class B preferred shares.
Dividend structures were amended to introduce both floating and periodic payouts, bringing the instruments closer to traditional income generating securities. These changes provide Metaplanet with greater flexibility to raise long term capital without putting pressure on its common equity base.
Source: Dylan LeClair
The approval also clears the issuance of Class B preferred shares specifically for overseas institutional investors, widening the company’s access to global capital markets.
Institutional style dividend features
One of the most notable developments is the revision of Class A preferred shares, which will now carry a monthly floating rate dividend known as the Metaplanet Adjustable Rate Security. This structure is designed to deliver regular income, a key requirement for many institutional portfolios that depend on predictable cash flows.
Class B preferred shares were also updated to include quarterly dividend payments, a ten year issuer call option at 130 percent of face value and an investor put option. This put option can be exercised if a qualifying initial public offering linked to the security does not take place within one year.
These features resemble protections commonly found in private credit and structured equity deals, helping to limit downside risk for long term investors while offering the company patient capital.
Bitcoin exposure without direct ownership
Rather than offering direct yield on Bitcoin holdings, Metaplanet is using preferred equity to package exposure to its corporate Bitcoin balance sheet in a format that institutions already understand. This approach allows investors to gain indirect exposure to Bitcoin while avoiding the operational, regulatory or volatility risks associated with holding spot BTC or trading common shares.
At the time of writing, Metaplanet holds approximately 30,823 Bitcoin worth around 2.75 billion dollars according to Bitcoin Treasuries. This makes it the largest corporate Bitcoin holder in Asia and the fourth largest globally.
By combining this balance sheet strategy with income producing securities, the company is positioning itself as a bridge between traditional capital markets and digital asset exposure.
Global expansion and US market entry
Metaplanet remains one of the most closely watched Bitcoin focused public companies in Asia. While often compared to US corporate Bitcoin treasury models, it operates within Japan’s distinct regulatory and capital market environment.
The company’s latest move highlights how non US firms are adapting Bitcoin strategies to local constraints while still appealing to global investors. On Friday, Metaplanet announced plans to begin trading in the United States via the over the counter market using American Depositary Receipts.
This announcement follows the earlier establishment of a subsidiary in Miami, reinforcing the company’s ambition to expand its presence beyond Japan. Together with the newly approved preferred share structure, the move signals Metaplanet’s intention to position itself as a global institutional gateway to corporate Bitcoin exposure.
