Japanese Bitcoin treasury company Metaplanet secured unanimous shareholder approval for five capital restructuring proposals at an extraordinary general meeting on December 22.
The Tokyo-listed firm currently holds 30,823 BTC.
It aims to accumulate 210,000 BTC by the end of 2027, representing approximately one percent of Bitcoin's total supply.
Director of Bitcoin Strategy Dylan LeClair confirmed the approval on social media platform X.
Metaplanet shares closed 4.16% higher at 451 yen following the vote.
The approvals doubled authorized preferred shares to 555 million for both Class A and Class B categories.
What Happened
Shareholders approved converting capital stock and reserves into capital surplus.
This increases capacity for preferred share dividends and potential share buybacks under Japanese corporate rules.
The meeting restructured Class A preferred shares under the MARS (Metaplanet Adjustable Rate Security) framework with monthly floating-rate dividends.
Class B preferred shares now offer quarterly dividends.
They include a 10-year issuer call option at 130% of issuance price and put rights allowing investors to force buybacks if no IPO occurs within one year.
The board also authorized issuance of Class B shares to overseas institutional investors.
This follows the company's December 19 launch of a Sponsored Level I ADR program trading under ticker MPJPY in U.S. over-the-counter markets.
CEO Simon Gerovich confirmed all agenda items passed with strong margins.
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Why It Matters
The restructuring provides financing mechanisms to scale Bitcoin holdings without immediate common share dilution.
Preferred shares offer fixed-income characteristics rare among Bitcoin treasury companies.
Current holdings of 30,823 BTC place Metaplanet among the top seven public corporate Bitcoin holders globally.
The approval enables access to Japan's 7.5 trillion yen household savings pool where domestic yields remain near 0.5%.
Metaplanet positions preferred shares as Bitcoin-backed fixed income for investors seeking alternatives to traditional low-yield products.
The company caps preferred share issuance at 25% of Bitcoin net asset value as protection against price declines.
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