Metaplanet Secures Shareholder Approval for Major Bitcoin Strategy Overhaul

Shareholders of Metaplanet have unanimously backed management's ambitious plans to transform the company into Asia's premier corporate Bitcoin treasury. All five proposals presented at an extraordinary general meeting on December 22nd were approved, providing the capital structure foundation for an aggressive accumulation target of 210,000 BTC by the end of 2027.

The approved restructuring centers on a key change: doubling the authorized number of Class A and Class B preferred shares to 555 million each. According to Bitcoin Strategy Director Dylan LeClair, this move effectively doubles the firm's financial capacity for future acquisitions. The company is shifting its approach from simple direct purchases to a more sophisticated balance sheet optimization strategy.

A core component of this new tactic involves prioritizing share buybacks when the stock trades below the net asset value of its Bitcoin holdings—a scenario where the Market Net Asset Value ratio falls under 1.0. Management views this as a more efficient method for increasing the Bitcoin-per-share ratio for remaining stockholders.

Substantial Firepower for Execution

To fund this strategic pivot, Metaplanet has arranged significant financial resources:
* A $100 million USD loan collateralized by Bitcoin.
* A separate $500 million USD credit facility dedicated specifically to the share repurchase program.

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Furthermore, the company will utilize preferred shares as Bitcoin-backed yield instruments. These tools are designed to finance further BTC accumulation without causing immediate, significant dilution for common shareholders. To manage associated volatility risks, the volume of such preferred shares will be capped at a maximum of 25% of the firm's net Bitcoin holdings.

Current Standing and Broader Investor Access

Metaplanet already ranks among the world's seven largest publicly-traded cryptocurrency holders, with a treasury of approximately 30,823 Bitcoin valued at around $2.86 billion. The firm consciously positions itself as an "Asian MicroStrategy." Its share price has demonstrated resilience, closing at 463 Yen on December 24th, marking a year-to-date gain of roughly 33% and outperforming Japan's Nikkei 225 index.

In a move to attract international investment, the company launched an American Depositary Receipt (ADR) program in the United States on December 19th, trading under the ticker MPJPY. Growing institutional interest was evidenced by the supportive vote from Norway's Norges Bank sovereign wealth fund, which endorsed all proposals ahead of the meeting.

With the shareholder-approved reforms now in place, Metaplanet gains the operational flexibility to expand its Bitcoin reserves and better manage volatility through the strategic use of different share classes. The next formal update on the execution of this strategy is anticipated with the release of the 2025 financial results in early 2026.