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Dec 22, 2025Japan’s largest corporate Bitcoin holder approved preferred shares with dividends, signaling a shift toward income-focused institutional capital.
Metaplanet approved an overhaul of its capital structure on Monday, allowing Japan’s largest corporate Bitcoin holder to raise funds through dividend-paying preferred shares aimed at institutional investors.
Investors approved five proposals that collectively expand Metaplanet’s ability to issue preferred shares, introduce new dividend mechanics and open participation to overseas institutional capital, said Dylan LeClair, the company’s Bitcoin strategy director.
The approved measures include reclassifying capital reserves to allow for preferred share dividends and potential buybacks, doubling the authorized number of Class A and Class B preferred shares and amending dividend structures to introduce floating and periodic payouts.
Preferred shares and institutional access
The approved proposals mark a shift away from a pure growth-through-dilution approach to a more traditional markets approach, where income-producing securities coexist with a Bitcoin-focused balance sheet strategy.
Rather than offering direct Bitcoin yield, Metaplanet is using preferred equity to package exposure to its corporate Bitcoin holdings in a format familiar to institutions.
Metaplanet expands to global markets
Metaplanet is one of the most closely watched Bitcoin-focused public companies in Asia.
It’s often compared to US-based corporate Bitcoin treasury models, despite operating in Japan's regulatory and capital markets environment.
The company’s approach highlights how non-US companies are adapting Bitcoin strategies to local market constraints while still pursuing global capital.
On Friday, the company announced that it was set to begin trading in the US on the over-the-counter market through American Depositary Receipts. The announcement came months after the company established a subsidiary in Miami.
Sources >> Metaplanet clears issuance of dividend-paying shares for overseas institutions