Shareholder Approval Secured for $3.7 Billion Bitcoin Fundraising
Metaplanet received full approval from its shareholders to raise $3.7 billion for further Bitcoin accumulation.
Getting Started: Strategic Bitcoin Purchase
Metaplanet is a Tokyo-listed company that accumulates Bitcoin. The firm is strengthening its capital strategy. Shareholders on Monday approved a revamp to the corporate structure that will involve increasing authorized shares to 2.7 billion and issuing dual-class preferred shares.
Due to these changes, billions can be raised to increase Metaplanet’s Bitcoin holdings to reach its goal of 210,000 BTC by 2027.
Dual-Class Shares: Both Risk and Opportunity
The newly approved share structure includes:
- Class A shares: Have fixed dividends, making them suitable for investors looking for income.
- Class B shares: Convertible to common stock, provide higher potential returns but are riskier.
Metaplanet described the dual-class system as a “defensive mechanism” to protect common shareholders from excessive dilution. This allows the company to free up to 555 billion yen ($3.7 billion) to acquire Bitcoin while attracting a broad segment of investors and keeping control for current shareholders.
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Moving Closer to Bitcoin Ambitions
On August 1, Metaplanet announced plans to raise $3.7 billion to fund its Bitcoin acquisition strategy. The company’s board may now hold an international offer after receiving shareholder approval, removing a key governance hurdle.
While the framework is in place, the company still needs:
- Board authorization for specific issuance terms.
- Detailed registration filings with Japanese regulators.
The main challenge remains attracting sufficient investors for the full $3.7 billion, especially after a recent dip in the Metaplanet stock price.
Market Context: Falling Stocks and Fundraising Challenge
Metaplanet’s ambitious plans are not yet reflected in its share price. Shares were trading at about $5.74, as per Google Finance, down 54% from June’s high of $12.75.
Dilution concerns may deter investors from buying new shares, making the success of this fundraising campaign critical for the company’s Bitcoin strategy.
Metaplanet Boosting Bitcoin Assets Among Corporates
As of Tuesday, Metaplanet is the sixth-largest corporate holder of Bitcoin worldwide after buying 1,009 BTC for $112 million.
- Current holdings: 20,000 BTC (~$22 billion today)
- Target: 210,000 BTC by 2027
After receiving shareholder approval, Metaplanet is now poised to further expand its treasury and become a major corporate Bitcoin investor.
