Do not sell Bitcoin, sell "Bitcoin interest": Metaplanet's first preferred stock focuses on overseas institutional vaults.

The Japanese listed company, Metaplanet, the largest Bitcoin holdings institution in Asia, successfully passed a significant capital structure reform plan this Monday. The company's shareholders approved all five proposals, with the core content including a substantial increase in the authorized number of preferred shares, the introduction of a new floating dividend mechanism, and for the first time, the explicit opening of Class B preferred share issuance to overseas institutional investors. This series of measures marks a shift in Metaplanet's financing strategy from pure equity dilution growth to a mixed financing model that is more in line with traditional Capital Markets, focusing on cash flow returns. As of the time of writing, Metaplanet holds approximately 30,823 coins, valued at about 2.75 billion dollars at current prices, and its strategic transformation provides innovative structured tools for global institutional capital allocation of Bitcoin assets.

Detailed Explanation of Capital Reconstruction: From Issuance Dilution to “Dividend + Growth” Dual Drive

The reform plan approved at the Metaplanet special shareholders' meeting is a well-considered upgrade of the capital strategy. According to the disclosure from the company's Bitcoin Strategic Director Dylan LeClair, all five proposals were passed, with the core aim of restructuring the company's capital toolbox. Specifically, the company reclassified its capital reserves to support the payment of preferred stock dividends and potential future stock buybacks, and doubled the authorized amount of Class A and Class B preferred shares, which reserves ample space for the company's subsequent flexible financing.

The innovation of the dividend mechanism is particularly crucial. Among them, Class A preferred shares will adopt a monthly floating dividend structure known as “Metaplanet Adjustable Rate Security.” This design aims to provide investors with regular cash flow, highly aligning with the rigid demand for predictable income from institutional investors such as insurance funds and pension funds. Meanwhile, Class B preferred shares set a quarterly dividend and include important structural protection clauses: including the issuer (Metaplanet) having the right to redeem at 130% of face value after 10 years, as well as a sell option that investors can exercise if they do not see a qualified IPO related to the securities within a year. These clauses significantly reduce the downside risk for long-term capital providers, mimicking common protection mechanisms in private credit and structured equity markets.

The background of this strategic shift is the change in the overall financing environment of the crypto market. The purely “storytelling and capital expansion” model has shown insufficient appeal in the current market, and institutional capital prefers investment targets with clear risk-return structures and cash flow guarantees. Metaplanet cleverly packaged the market's expectations for its Bitcoin balance sheet growth into a product that can provide investors with instant cash returns through the traditional financial instrument of preferred shares, which undoubtedly enhances its appeal to conservative institutional capital globally.

Comparison of Core Elements of Metaplanet Preferred Stock Structure

“Asia MicroStrategy” Strikes: Balancing Bitcoin Holdings and Capital Innovation

The market often compares Metaplanet to the US-listed company MicroStrategy (formerly known as MicroStrategy, now renamed to Strategy), viewing it as the “Asian MicroStrategy.” However, Metaplanet's recent capital operation demonstrates adaptive innovation based on the local market environment. MicroStrategy primarily raises funds to purchase Bitcoin through the issuance of convertible bonds (which may ultimately convert into common stock), while Metaplanet has chosen the preferred stock route, which may better align with the risk preferences and regulatory framework of institutional investors in Japan and the Asia region.

As of the latest data, Metaplanet's Bitcoin Holdings have reached 30,823 coins, with a total value of approximately $2.75 billion, making it the largest corporate Bitcoin holder in Asia and the fourth largest in the world. This enormous asset base serves as the underlying credit support for its issuance of attractive preferred shares. The new funds raised through preferred shares are expected to continue to be used to increase Bitcoin holdings, further strengthening its balance sheet, thus forming a virtuous cycle of “strong assets → strong financing → stronger assets.”

The timing of the launch of this strategy is also worth pondering. Currently, the Bitcoin market is in a structurally weak phase, with intense long-short battles. On-chain data shows that there is heavy historical trapped supply above the market, with prices continuously encountering resistance around $93,000, while support exists around $81,000 below. In this volatile market, institutional demand shows characteristics of being scattered and short-term, lacking a sustained accumulation force. Metaplanet, by issuing preferred shares, essentially introduces a certain and structural buying force into the market. This financing behavior itself is a firm endorsement of the “corporate Bitcoin treasury” narrative, which may provide some emotional support to the market.

Moving Towards Global: Opening Compliance Participation Channels for Institutional Funds

The most far-reaching impact of this reform is that Metaplanet has explicitly obtained the authorization to issue Class B preferred shares to overseas institutional investors. The opening of this door is of great significance. For many global institutions constrained by internal compliance regulations, unable to directly hold spot Bitcoin, or feeling that the volatility of Bitcoin common stock is too high (such as some sovereign funds, multinational corporate treasuries, and traditional family offices), Metaplanet's preferred shares offer an extremely attractive alternative.

This preferred stock allows investors:

1. Indirect exposure to Bitcoin: Share the growth potential of Metaplanet's Bitcoin reserves.
2. Obtain deterministic cash flow: Achieve immediate returns through regular dividends, improving the overall return structure of the investment portfolio.
3. Enjoy structural protection: Terms such as the redemption rights of Class B preferred shares provide an additional safety cushion.
4. Complying with traditional investment processes: Investing in familiar securities form, bypassing many operational and compliance challenges associated with directly holding and custodian of cryptocurrencies.

This initiative is completely in line with Metaplanet's recent globalization pace. The company has previously established a subsidiary in Miami, USA, and announced plans to start trading on the over-the-counter market through American Depositary Receipts (ADR). This series of actions outlines a clear path: to attract global capital with innovative capital tools based in Japan, ultimately achieving the internationalization of the shareholder base and liquidity. This is not only an expansion of Metaplanet itself but also represents a model for how non-U.S. companies can leverage local advantages to secure a place in the global crypto capital competition.

Industry Insight: The Institutionalization of the Crypto Market Enters the “Deep Water Zone”

The case of Metaplanet clearly indicates that the institutionalization process of the cryptocurrency market has surpassed the initial stage of simply “buying and holding” spot ETFs or Bitcoin, entering the “deep water zone” of financial engineering and structured product innovation. Although the market in 2025 has experienced deleveraging and the bursting of speculative bubbles, it has also witnessed the scaling of infrastructure and the clarification of regulations. This environment is precisely what provides the soil for innovations like Metaplanet.

The traditional financial world is applying blockchain as an “invisible” backend infrastructure, for example, banks using public chains for settlement and stablecoins handling trillions of dollars in payment flows. In this context, models like Metaplanet that deeply integrate core crypto assets (Bitcoin) with traditional financial instruments (preferred stock) can be seen as a paradigm of “asset-side encryption and liability-side traditionalization.” It bridges the gap between the two financial systems, building a wider and smoother bridge for the entry of trillion-dollar traditional capital into the crypto space.

Looking ahead, we can expect more listed companies and large institutions to adopt similar ideas. The concept of corporate Bitcoin treasury may give rise to more diverse capital management and value-added strategies, such as low-interest financing based on Bitcoin collateral and linking Bitcoin returns to specific financial products. Metaplanet's preferred stock experiment may just be the beginning of this grand narrative. As global capital continues to flow in through more diverse and refined tools, crypto assets can truly complete the transformation from marginal speculative assets to mainstream allocation assets. For investors, paying attention to innovations in these underlying financial infrastructures may be as important as speculating on short-term price fluctuations.