Japanese investment firm Metaplanet has gained shareholder approval to restructure its capital framework.
The company said the approval paves the way for a potential $3.7 billion fundraising effort to fund its aggressive Bitcoin accumulation strategy.
Accordingly, investors greenlit amendments to Metaplanet’s articles of incorporation, expanding its authorized shares to 2.7 billion.
The new preferred stock structure includes Class A shares with fixed dividends for income focused investors.
Meanwhile Class B shares offer conversion to common stock for those betting on the success of Metaplanet’s Bitcoin strategy.
The company described the dual-class system as a “defensive mechanism” to protect existing shareholders from dilution.
Metaplanet’s goal remains to acquire 210,000 Bitcoin (valued at approximately $23 billion at current prices) by the end of 2027.
Metaplanet’s board approved issuing new shares through an international offering, setting the stage for Monday’s shareholder vote.
Despite the ambitious plan, Metaplanet faces challenges in attracting sufficient investor interest to meet its $3.7 billion target.
The company’s stock price has seen a significant decline, trading at $5.74 down 54% from its June high of $12.75.
Metaplanet’s Bitcoin holdings have grown steadily, with a recent purchase of 1,009 BTC for $112 million bringing its total to 20,000 Bitcoin, valued at roughly $2.2 billion.
This positions Metaplanet as the world’s sixth largest corporate Bitcoin holder.
