A Most Curious Financial Entanglement: Metaplanet’s Bitcoin Share Adventure!

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The illustrious Metaplanet, Japan’s preeminent Bitcoin custodian, has sanctioned dividend-paying preferred shares for the discerning institutional investor. Peruse the Class A and B share structures, if you dare.

On Monday, the most extraordinary of shareholder assemblies convened, and lo! All five capital restructuring proposals were approved with nary a dissenting vote. Japan’s grandest corporate Bitcoin hoarder (30,823 BTC, valued at £2.7 billion-yes, quite the treasure trove) now dangles dividend shares before the investing masses.

Dylan LeClair, the esteemed Bitcoin strategy director at Metaplanet, declared triumphantly on X that the proposals sailed through. The Extraordinary General Meeting, one suspects, was less a gathering of minds and more a rubber-stamping of profits. These adjustments, as he quaintly noted, empower the raising of capital sans dilution of common shareholders’ meager stakes. How progressive!

5/5 Proposals Approved at the Extraordinary Shareholder Meeting

1) Approve shift of capital stock and capital reserve to capital surplus to increase capacity for preferred share dividends & potential share buybacks. ✅

2) Increase the total number of authorized…

– Dylan LeClair (@DylanLeClair)

Source: Dylan

Double Authorization Powers New Strategy

Metaplanet, in a most daring move, doubled the approved number of preferred shares (Class A and B), each now permitted to reach 555 million shares. Capital reserves were converted to surplus, a maneuver that likely made accountants weep with joy and investors giddy with anticipation.

Mr. LeClair, ever the optimist, proclaimed on X that this shift amplifies dividend capacity and permits share buybacks. The excessive capital, one presumes, will fund further Bitcoin acquisitions, lest the company’s holdings grow too modest for its grandeur.

Class A shares now offer monthly floating dividends, determined by the MARS structure. Rates, one imagines, rise as the shares trade lower than par-a curious incentive, akin to rewarding a duck for waddling in a storm.

Class B shares, quarterly dividend-paying with a 4.9% yield, come with a ten-year issuer call at 130% and put rights, unless IPOs intervene within a year. A delicate dance of risk and reward, to be sure.

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Global Institutions Get Access

Metaplanet, in a bid to charm foreign investors, now issues Class B shares to institutions abroad. Through preferred equity, these cosmopolitan financiers may now dabble in Bitcoin without owning a single BTC-how convenient!

Mr. LeClair affirmed on X that international access is granted, targeting conservative capital craving predictable returns. The dividend strategy, he claims, is driven by institutional demand. One suspects the demand is less about Bitcoin and more about the allure of dividends.

Metaplanet, the fourth-largest Bitcoin hoarder globally and Asia’s reigning BTC monarch, saw its Tokyo-listed shares rise 4.16% post-vote. A triumph, or merely the thrill of a well-timed announcement?

This Friday, the company commenced U.S. trading via American Depositary Receipts, with Deutsche Bank as depository. One ADR equals one Metaplanet share-a most egalitarian arrangement, though one wonders if the ducks (i.e., investors) truly understand the terms.

Class A shares promise price stability through floating rates; Class B shares convert at triple the existing price. A dual structure to satisfy all but the most discerning investor-though perhaps even they would succumb to the charm of 4.9% yields.

Metaplanet mirrors Strategy’s preferred stock model, adapted for local flavor. The MARS system, a marvel of modern finance, adjusts dividends monthly, much like STRC. Together, they aim to funnel institutional cash into Bitcoin via income securities. A most noble endeavor, or a financial game of dress-up?

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2025-12-23 10:19