Nikolas Sargeant
Japanese Bitcoin-accumulating company Metaplanet has cleared a major regulatory hurdle in its ambitious plan to raise $3.7 billion for cryptocurrency acquisitions. At an extraordinary shareholder meeting on Monday, investors approved significant amendments to the company's capital structure, including expanding authorized shares to 2.7 billion and introducing a dual-class preferred stock system designed to attract diverse investor types while protecting existing shareholders from dilution.
The newly approved framework establishes two distinct share classes: Class A shares offering fixed dividends for income-focused investors seeking stable returns, and Class B shares providing a higher-risk option with conversion rights to common stock. This strategic structure serves as what Metaplanet calls a "defensive mechanism," potentially unlocking up to 555 billion yen in funding while shielding current shareholders from excessive ownership dilution as the company pursues its aggressive Bitcoin accumulation strategy.
The shareholder approval represents a crucial step toward Metaplanet's goal of acquiring 210,000 Bitcoin by the end of 2027. The company's board of directors had previously resolved to issue new shares through an international offering, making the shareholder vote the most significant internal governance obstacle. However, challenges remain as the board must still authorize specific issuance terms and file detailed registration statements with Japanese regulators before any capital raising can commence.
Despite the regulatory progress, Metaplanet faces headwinds in the market, with its stock price declining 54% from its June high of $12.75 to approximately $5.74 as of Tuesday. The company currently holds 20,000 Bitcoin worth roughly $2.2 billion, making it the world's sixth-largest corporate Bitcoin treasury holder. This position was recently strengthened by Monday's purchase of 1,009 BTC for about $112 million, demonstrating continued commitment to its Bitcoin-first strategy even amid share price volatility.
The latest Bitcoin acquisition marks a significant milestone for Metaplanet, which reached its 20,000 BTC target less than three months after accumulating 10,000 Bitcoin. The company purchased the latest batch at an average price of approximately $111,068 per coin, showcasing its continued dollar-cost averaging strategy despite current market volatility. With Bitcoin trading around $108,124 and down 1% over 24 hours, Metaplanet's aggressive purchasing schedule reflects confidence in its long-term Bitcoin thesis, particularly as it works toward an even more ambitious revised target of 30,000 BTC by year-end.
