Metaplanet moves to tap global capital doors with dividend-paying Bitcoin shares

The largest Bitcoin-owning company in Japan, Metaplanet, has approved a restructuring of its capital structure, enabling fundraising through dividend-paying preferred shares for institutional investors.

Investors approved five initiatives to bolster the firm’s preferred-share issuance authority, create new dividend arrangements, and permit participation from overseas institutions, according to Dylan LeClair, the company’s Bitcoin strategy director.

The approved actions include reallocating capital reserves to facilitate dividend payments and buybacks on preferred shares, as well as increasing the authorized number of Class A and B preferred shares from 277.5 million shares to 555 million shares for each class.

The firm’s investors also agreed to amend the dividend structures to allow for floating and periodic payouts, mainly to maintain price stability. Additionally, the company was authorized to sell Class B preferred shares to overseas institutional investors and amend them to a quarterly dividend structure.

Metaplanet will introduce the Metaplanet Adjustable Rate Security structure 

With the new approvals, Metaplanet is shifting its focus from pure dilution-based growth to a conventional market framework that integrates income-producing securities with a Bitcoin-oriented balance sheet. Its preferred equity will now allow institutions to gain exposure to Bitcoin holdings similar to how institutions operate.

The Class A preferred shares amendment, meanwhile, creates a monthly floating-rate dividend structure — the “Metaplanet Adjustable Rate Security” — which ensures steady income designed to meet institutional needs.

Moreover, Class B preferred shares will now carry quarterly dividends, a 10-year call at 130% of face value, and an investor put option if the company fails to go public within 12 months. That means the firm will repurchase shares at a premium after 10 years, while investors have the right to exit if no IPO takes place within a year.

Such provisions are common in private credit and structured equity markets, protecting long-term capital. 

The proposal also allows for the issuance of Class B preferred shares to foreign investors. By catering to international institutional investors, the company will enable access to Bitcoin exposure without the need to hold spot BTC or volatile equity.

Metaplanet is expanding to the US market, following the establishment of its Miami subsidiary

Metaplanet ranks as one of the most closely followed Bitcoin-focused public companies in Asia and is frequently compared with U.S. corporate Bitcoin treasury approaches, even under Japan’s regulations. Primarily, the firm’s model highlights how non-U.S. businesses adjust Bitcoin strategies to fit local regulations while attracting global investors.

The company even stated on Friday that it will start trading in the U.S. over-the-counter market using American Depositary Receipts (ADRs), following the creation of its Miami subsidiary earlier this year.

Managed by Simon Gerovich, Dylan LeClair, and Darren Winia, the unit specializes in Bitcoin income and derivatives trading, structurally separating revenue-generating activities from the company’s primary BTC assets.

The firm had budgeted about $15 million for its initial development. Around the same time, the company also established a unit in Japan, Bitcoin Japan Inc., to boost its domestic Bitcoin operations. The site manages media, including Bitcoin Magazine, events, and the recently acquired Bitcoin.jp domain.

Currently, the firm’s Bitcoin stash stands at 30,823 BTC, worth approximately $2.75 billion, making it Asia’s largest corporate holder and the fourth-largest worldwide, according to Bitcoin Treasuries.

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