Japanese Company, Metaplanet, Known for stacking Bitcoin, has received shareholder approval to make changes to its capital structure. This is an opening door for billions in new fundraising to support its ambitious Bitcoin plan.
The meeting took place on Monday, where investors voted for changes that will let Metaplanet increase its authorized shares to 2.7 billion.
A New Share System for Investors
The company also introduced a new share system with two types of preferred stock. This was designed to attract different kinds of investors while still protecting the rights of current shareholders.
Class A shares will pay a fixed dividend, which means investors who want steady income can get regular returns. Class B shares, however, will be riskier but can later be turned into common stock. This gives holders the chance to benefit if Metaplanet’s Bitcoin plan works well.
Metaplanet explained that this system is a “defensive mechanism.” This means it is designed to protect normal shareholders from having their ownership reduced too much while also allowing the company to unlock as much as 555 billion yen, or about $3.7 billion.
The fund is planned to go toward buying more Bitcoin. The firm has confirmed that it’s target is reaching 210,000 BTC by the end of 2027.
Next Steps Before Fundraisiang
This is coming just a month after Metaplanet announced its plan to raise this large amount of money earlier last month. Last week, the company’s board also decided to issue new shares through an international offering. That decision led to Monday’s meeting, which was seen as an important step.
Even with approval now in place, the board still needs to decide the final details of the share offering, and the company must send required documents to Japanese regulators before fundraising can begin.
However,the challenge for Metaplanet is convincing investors to join in. The company’s stock price has dropped in recent months. According to Google Finance, Metaplanet’s stock traded at $5.74 on Tuesday, more than half below its June high of $12.75. This drop could make fundraising more difficult.
Despite this, Metaplanet already holds a large amount of Bitcoin. On Monday, it bought 1,009 BTC for about $112 million. This brought its total to 20,000 BTC, worth around $2.2 billion. This makes Metaplanet the sixth-largest company in the world to hold Bitcoin.
Also Read: Bitcoin ETPs Now Hold 7% of Total Supply
