Metaplanet Secures Shareholder Approval for Aggressive Bitcoin Acquisition Strategy

Shareholders of the Japanese company Metaplanet have voted decisively, clearing the path for one of the most ambitious corporate Bitcoin strategies seen in global equity markets. The company now has the mandate to significantly expand its treasury reserves, targeting a holding of 210,000 Bitcoin by the close of its 2027 fiscal year. A central question remains: can the firm finance this enormous volume without alienating existing shareholders through equity dilution?

During an extraordinary general meeting held on December 22, management received approval for a comprehensive capital structure overhaul. The reform centers on raising the issuance limit for preferred shares to 555 million. By creating new share classes—internally coded "MARS" for monthly dividends and "MERCURY" for quarterly dividends—the company has established the legal foundation for sophisticated financing models.

These new financial instruments are designed to raise capital specifically for Bitcoin purchases, functioning in a manner similar to debt. The objective is to make the balance sheet more attractive to institutional investors without immediately diluting the voting power of current equity holders. Concurrently, shareholders approved the reclassification of reserves into capital surplus, a legal prerequisite for enabling dividend payments on these new securities.

Targeting the Top Tier of Corporate Holdings

The confirmed roadmap from Strategy Director Dylan LeClair outlines a substantial scaling plan. Metaplanet's current holdings stand at approximately 30,823 Bitcoin, equivalent to roughly $2.75 billion at present market values. Achieving its goal of 210,000 BTC would propel the company into the top echelon of corporate Bitcoin treasuries worldwide.

Should investors sell immediately? Or is it worth buying Metaplanet?

Market sentiment has responded positively to this directional shift. Shares recently recovered to trade at 463 JPY, posting a monthly gain exceeding 26% in the lead-up to the shareholder vote. However, the stock price remains well below its annual peak of 1,930 JPY, recorded in June 2025. Investors are currently weighing the potential rewards of this leveraged strategy against the significant execution risks involved.

Execution Phase Begins, Eyes on Institutional Capital

With the legal framework now in place, Metaplanet moves immediately into an execution phase. The success of its equity will henceforth depend primarily on two critical factors: the future price trajectory of Bitcoin itself, and management's ability to raise billions through the new financing instruments while maintaining a sustainable interest burden.

To secure the vast sums required for its acquisition targets, the company is looking beyond its domestic market. A newly established American Depositary Receipt (ADR) program, trading under the ticker MPJPY, simplifies access for U.S.-based investors. Furthermore, reports suggesting that Norway's sovereign wealth fund, Norges Bank, has taken a 0.3% stake have garnered attention, serving as an early indicator of growing institutional acceptance for the strategy.