Metaplanet Opens Dividend Shares to Global Institutions
Japan’s largest corporate Bitcoin holder is reshaping its capital strategy by introducing dividend-paying preferred shares aimed at overseas institutional investors.
Japan-based Bitcoin treasury firm Metaplanet has approved a sweeping overhaul of its capital structure, clearing the way for dividend-paying preferred shares designed specifically for institutional investors outside Japan. The move marks a significant evolution in how public companies with large Bitcoin holdings are packaging crypto-linked exposure for traditional capital markets.
A strategic shift in capital structure
At its extraordinary shareholders’ meeting, Metaplanet approved five interlinked proposals that collectively expand its ability to issue preferred equity, introduce new dividend mechanisms, and widen participation to international institutional capital. The changes were confirmed on X by Dylan LeClair, the company’s Bitcoin strategy director.
The approved measures include:
- Reclassifying capital reserves to enable preferred-share dividends and potential buybacks
- Doubling the authorized issuance of both Class A and Class B preferred shares
- Introducing floating and periodic dividend structures tailored to different investor profiles
- Clearing Class B preferred shares for overseas institutional investors
Together, these steps signal a clear move away from reliance on common-share dilution as the primary growth mechanism, replacing it with income-producing securities more familiar to institutional allocators.
A Bitcoin-heavy balance sheet
Metaplanet currently holds about 30,823 BTC, valued at $2.76 billion at press time, according to CryptoPulse’s Crypto Treasury Tracker. This makes the company the largest corporate Bitcoin holder in Asia and the fourth-largest globally.
Rather than offering direct Bitcoin yield — which remains structurally complex in most jurisdictions — Metaplanet is effectively wrapping its Bitcoin exposure inside preferred equity. This allows institutions to gain indirect exposure to a Bitcoin-centric balance sheet while receiving predictable income streams.
Class A and Class B: different tools, same thesis
One of the most notable changes involves Class A preferred shares, which have been amended to include a monthly, floating-rate dividend structure branded internally as the Metaplanet Adjustable Rate Security (MARS). The mechanism is designed to stabilize the share price around par value, with dividend rates increasing when the price dips below par and decreasing when it trades above.
This structure mirrors income-focused instruments commonly used by institutional investors seeking regular cash flows without the volatility of common equity.
Class B preferred shares were also significantly revised. The updated terms include:
- Quarterly dividends
- A 10-year issuer call option at 130% of face value
- An investor put option if a qualifying IPO tied to the security does not occur within one year
These features are standard in private credit and structured equity markets, offering downside protection while preserving upside optionality. They also allow investors to exit early if public market liquidity fails to materialize.
Opening the door to overseas capital
By explicitly clearing Class B preferred shares for international institutional investors, Metaplanet is positioning itself as a gateway for global capital seeking Bitcoin exposure without holding spot BTC or volatile Japanese equities.
This approach reflects a broader trend among Bitcoin-heavy public companies: adapting crypto treasury strategies to local regulatory frameworks while still tapping into global capital pools. In Metaplanet’s case, the strategy balances Japan’s capital market constraints with international investor demand.
Expansion into US markets
Metaplanet’s ambitions are not limited to preferred equity. The company recently announced plans to begin trading in the United States via over-the-counter American Depositary Receipts (ADRs). The move follows the earlier establishment of a subsidiary in Miami, reinforcing the firm’s intention to engage directly with US-based investors.
These steps place Metaplanet among the most closely watched Bitcoin-focused public companies in Asia, often drawing comparisons to US-based corporate treasury pioneers despite operating in a very different regulatory environment.
Inspired by Strategy’s playbook
Metaplanet’s capital strategy closely mirrors the dividend-backed Bitcoin funding model pioneered by Strategy, led by Michael Saylor. Strategy’s STRC preferred stock, launched in July, trades near $98 and offers an annualized dividend of about 10.75%, adjusting monthly to maintain price stability around $100.
Strategy has used proceeds from STRC to fund large Bitcoin purchases, including roughly 21,000 BTC from the program’s IPO alone. Metaplanet’s Class A preferred shares follow a similar logic, using adjustable dividends to reduce volatility while maintaining exposure to a Bitcoin-backed balance sheet.
The “Mercury” issuance
Metaplanet’s Class B preferred shares, branded “Mercury,” offer a 4.9% annual dividend paid quarterly and include an option to convert into common stock if Metaplanet’s share price triples from current levels. In November, the company raised ¥21.25 billion ($135 million) through a third-party allocation of these shares to overseas institutions.
Importantly, the conversion price was set well above prevailing market levels, limiting near-term dilution while preserving long-term upside for investors aligned with the company’s Bitcoin thesis.
A broader corporate Bitcoin trend
Metaplanet’s move comes as Bitcoin-focused corporate finance continues to evolve globally. Strategy recently raised $1.44 billion amid concerns around leverage and dividend obligations and recently boosted its fiat reserves to $2.19 billion, according to regulatory filings. During that period, Strategy’s Bitcoin holdings remained unchanged at 671,268 BTC as of Dec. 21.
Also, as reported earlier, ProCap Financial, led by Anthony Pompliano, expanded its treasury to 5,000 BTC, placing it among the top 25 public Bitcoin holders worldwide.
Institutional Bitcoin, re-engineered
Metaplanet’s preferred-share strategy underscores a critical shift in how Bitcoin exposure is being structured for institutions. Rather than forcing traditional investors into spot custody or volatile equities, companies are increasingly embedding Bitcoin into familiar financial instruments — dividends, calls, puts, and adjustable-rate securities.
As global capital searches for yield and alternative stores of value, Metaplanet’s approach highlights how Bitcoin-native balance sheets can be translated into formats that institutional investors understand, regulate, and, ultimately, adopt at scale.
