Metaplanet Reworks Capital Structure to Attract Institutional Investors
Metaplanet, Asia’s largest corporate Bitcoin holder, approved major changes to its capital structure to raise funds by issuing dividend-paying preferred shares targeted at institutional investors, including those overseas. The company increased its authorized Class A and B preferred shares, reclassified capital reserves to support preferred share dividends and buybacks, and amended dividend structures to feature monthly floating and quarterly payouts, with new income-oriented securities like the “Metaplanet Adjustable Rate Security.” Class B shares now include a 10-year callable feature at a premium and an option for investors to exit if an IPO does not occur within a year, aligning with common private credit protections. With these changes, Metaplanet shifts from relying solely on equity dilution to offering familiar, income-generating securities while maintaining its Bitcoin-focused balance sheet. Holding about 30,823 BTC ($2.75 billion), Metaplanet is the fourth-largest corporate Bitcoin holder globally. The new structure seeks to attract institutional capital seeking Bitcoin exposure without holding BTC or volatile common stock, and supports Metaplanet’s expansion into global markets, including US trading via American Depositary Receipts.
