Metaplanet opens Bitcoin exposure to global institutions via preferred equity
Metaplanet approved a sweeping overhaul of its capital structure, giving Japan’s largest corporate Bitcoin holder new tools to raise funds through dividend-paying preferred shares.
Shareholders signed off on five proposals that expand the company’s ability to issue preferred equity, adjust dividend mechanics and attract overseas institutional investors, reports Cointelegraph.
The measures include reclassifying capital reserves to enable preferred share dividends and potential buybacks, as well as doubling the authorized number of Class A and Class B preferred shares. Metaplanet also amended its dividend framework to allow for floating and periodic payouts. At the same time, the company cleared the issuance of Class B preferred shares specifically aimed at international institutions. Metaplanet currently holds about 30,823 BTC, worth roughly $2.75 billion, making it Asia’s largest corporate Bitcoin holder and the fourth-largest globally. The changes signal a more mature, capital-markets-oriented phase in its Bitcoin strategy.
Institutional income structures replace pure dilution
The new framework marks a shift away from relying solely on equity dilution toward structures more familiar to institutional investors. Instead of offering direct Bitcoin yield, Metaplanet is packaging exposure to its Bitcoin-heavy balance sheet through income-producing preferred equity. Class A preferred shares will now feature a monthly, floating-rate dividend under what the company calls the “Metaplanet Adjustable Rate Security.”
This structure is designed to meet institutional demand for predictable cash flows while maintaining Bitcoin exposure at the corporate level. Class B preferred shares introduce quarterly dividends, a 10-year issuer call at 130% of face value, and an investor put option if a qualifying IPO does not occur within one year. These protections resemble private credit and structured equity instruments, helping reduce downside risk. Together, the changes lower barriers for conservative capital to participate in Metaplanet’s Bitcoin strategy.
Global access expands Metaplanet’s Bitcoin model
By opening preferred share issuance to overseas institutions, Metaplanet is broadening access beyond Japan’s domestic capital markets. The approach allows global investors to gain indirect Bitcoin exposure without holding spot BTC or taking on the volatility of common equity. Metaplanet has become one of Asia’s most closely watched Bitcoin-focused public companies, often compared to U.S. corporate treasury models. Its strategy highlights how non-U.S. firms are adapting Bitcoin accumulation to local regulatory and market constraints.
The company is also extending its reach internationally through capital market access rather than just Bitcoin purchases. Last week, Metaplanet announced plans to begin trading in the United States via American Depositary Receipts on the OTC market. That move follows the establishment of a Miami subsidiary, reinforcing its push toward global investor participation.
Recently we wrote that Metaplanet is moving ahead with another major capital infusion as it expands its Bitcoin-focused treasury strategy.
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