Metaplanet holds approximately 30,823 bitcoins, making it the largest corporate bitcoin holder in Asia. The company has officially approved the issuance of dividend-paying preferred shares aimed at international institutions, signaling a shift from a pure bitcoin holding strategy to a yield-oriented securities model that aligns more closely with traditional capital market preferences.
At the heart of this capital restructuring is Metaplanet’s plan to raise funds by issuing two new types of preferred shares, with proceeds earmarked for further bitcoin acquisitions.
01 Key Event: Capital Structure Transformation and Shareholder Approval
On December 22, 2025, shareholders of Metaplanet, a publicly listed Japanese company, cast a decisive vote, unanimously passing five proposals to reform the company’s capital structure.
The outcome of this vote immediately sparked a positive market response, with Metaplanet’s stock price on the Tokyo Stock Exchange rising by 4.16% that day.
According to Dylan LeClair, the company’s Director of Bitcoin Strategy, the approved proposals form a comprehensive package designed to fundamentally change Metaplanet’s approach to financing and shareholder returns.
Core measures of the reform include reclassifying capital reserves to support preferred share dividends and potential future share buybacks, as well as doubling the authorized issuance of both Class A and Class B preferred shares.
Shareholder approval means Metaplanet now has the green light to create financing tools tailored specifically for institutional investors.
02 Details of the Transformation: How Do the Two Types of Preferred Shares Work?
Metaplanet’s preferred share plan isn’t a one-size-fits-all product. Instead, it introduces Class A and Class B preferred shares, each designed to meet the distinct needs of different institutional investors.
These instruments are intended to convert Metaplanet’s substantial bitcoin holdings into financial products that institutional investors find familiar and accessible.
Class A Preferred Shares: Monthly Floating Income
The hallmark of Class A preferred shares is a monthly floating dividend mechanism known as the "Metaplanet Adjustable Rate Securities."
This structure allows institutional investors to receive a variable dividend payment each month. It is designed to meet the strong demand for predictable cash flow among institutional investors, transforming the potential long-term appreciation of bitcoin holdings into regular income streams.
Class B Preferred Shares: Structured Products for International Investors
Class B preferred shares are explicitly approved for direct issuance to international institutional investors.
They feature a more structured set of terms: quarterly dividends and a 10-year issuer call option, allowing Metaplanet to buy back the shares at 130% of par value after ten years.
To protect investors, the terms also include a "put option": if a qualifying initial public offering (IPO) related to these shares does not occur within one year, investors have the right to exercise this option and exit early.
The table below compares the key features of the two preferred share types:
| Feature | Class A Preferred | Class B Preferred |
|---|---|---|
| Target Investors | Institutional Investors | International Institutional Investors |
| Dividend Mechanism | Monthly Floating Dividend (Metaplanet Adjustable Rate Securities) | Quarterly Dividend |
| Key Options | - | 10-Year Issuer Call Option (130% of par value) Investor Put Option (if no qualifying IPO within one year) |
| Core Purpose | Provide regular cash flow, meet institutional yield needs | Attract long-term international capital, offer structured protection and exit path |
03 Strategic Motivation: Why Shift to Dividend-Paying Shares?
Metaplanet’s move is far more than a routine financial maneuver—it reflects a clear strategic intent and marks a major shift in the company’s development model.
The primary goal is to attract traditional capital. By issuing structured preferred shares with regular cash dividends, Metaplanet positions itself as a more attractive investment for pension funds, hedge funds, and other conventional institutions.
While these investors may be wary of bitcoin’s volatility, they are familiar with and favor yield-generating securities.
Secondly, this opens up new financing channels for the company. Funds raised from the global issuance of preferred shares will be specifically used to further acquire bitcoin, expanding Metaplanet’s status as Asia’s "bitcoin mega-vault."
Finally, this transformation offers a new narrative for the crypto asset sector. It demonstrates how a publicly listed company can "financialize" its bitcoin holdings, tapping into the vast pool of traditional capital—a model that other crypto-holding firms may look to emulate.
04 Market Impact and the Gate Ecosystem
Metaplanet’s transformation comes as the crypto market seeks deeper integration with traditional finance. Its success in attracting institutional capital could bring new inflows to bitcoin and boost market confidence.
For users looking to capitalize on such market dynamics and opportunities via the Gate platform, there are currently a variety of ways to participate.
On one hand, Gate Launchpad continues to be an active venue for new project launches. For example, it has completed the fifth distribution of Kodiak (KDK) tokens, with KDK spot trading set to begin at December 23, 14:00 UTC.
On the other hand, Gate’s decentralized perpetual contract trading platform, Gate Perp DEX, has launched its "Year-End Trading Journey" campaign. From December 22, 2025 to January 15, 2026, users can participate in trading volume rankings, submit product suggestions, and share in a 20,000 USDT prize pool.
Regarding Metaplanet-related asset prices: It’s important to note that, based on publicly available information, Metaplanet is a Tokyo Stock Exchange-listed company (stock code: 3350). Its shares are not digital tokens traded on Gate or other crypto exchanges.
If you’re interested in assets like MetaPlanet AI (MPLAI) or other similarly named cryptocurrencies, please be aware that they are not directly related to the Japanese listed company Metaplanet discussed here. For real-time prices, refer to the relevant asset pages on the Gate platform.
Outlook
As Metaplanet packages its bitcoin reserves into dividend-paying preferred shares, traders on Wall Street and in global financial centers are starting to reassess this Tokyo-based balance sheet.
The company’s 30,823 bitcoins are no longer just digital gold sitting idle in cold wallets. They are being activated through financial engineering, creating a new magnet for traditional capital to flow into the crypto world.
Following the announcement, Metaplanet’s stock price jumped 4.16%, and this is only the beginning. Once the first batch of dividend-paying shares for overseas institutions is issued, the global bitcoin allocation story will turn a new page—from institutional ETFs to the financialization of corporate balance sheets.
