**Norway’s Sovereign Wealth Fund Endorses Metaplanet’s Bitcoin Strategy**
Norway’s Norges Bank Investment Management (NBIM), which oversees the nation’s $1.7 trillion sovereign wealth fund, has expressed its support for Metaplanet’s bitcoin treasury strategy by voting in favor of all five management proposals at the company’s upcoming Extraordinary General Meeting (EGM) scheduled for December 22. As of June 30, NBIM held approximately a 0.3% stake in Metaplanet, and the vote was communicated through Dylan LeClair, Metaplanet’s director of bitcoin strategy.
The five proposals aim to enhance the company’s capital flexibility and facilitate non-dilutive bitcoin accumulation. One significant proposal involves reducing capital stock and reserves, allowing for the transfer of funds to surplus. This change would enable the company to issue dividends, conduct share buybacks, or acquire bitcoin without increasing the number of outstanding common shares. Another proposal seeks to expand the company’s authorized share count, including the introduction of new preferred share classes, which Metaplanet believes will provide the necessary capital for future bitcoin purchases while maintaining flexibility in its capital structure.
A notable aspect of the plan is the introduction of perpetual preferred shares. The proposed Class A preferred shares, named MARS, would offer variable monthly dividends and hold a senior position in the capital structure. Additionally, Metaplanet plans to introduce perpetual Class B preferred shares, referred to as MERCURY, which would feature fixed quarterly dividends, conversion options, and cash redemption features. The company is seeking authorization to issue MERCURY shares to institutional investors as part of a planned $150 million third-party allotment aimed at funding further bitcoin acquisitions.
Metaplanet’s preferred share structure is designed to attract long-term institutional capital while minimizing dilution for common shareholders. The Tokyo-listed firm has increasingly positioned itself as a corporate bitcoin treasury vehicle, drawing parallels to U.S. companies that have adopted similar strategies. As of last month, Metaplanet was the fourth-largest corporate holder of bitcoin globally, with 30,823 BTC, and continues to plan for new capital directed toward additional bitcoin purchases, alongside income-generating bitcoin strategies and the redemption of outstanding corporate bonds.
In early November, Metaplanet accessed $100 million from its $500 million credit facility, secured by just 3% of its bitcoin holdings, to fund further acquisitions, expand its income-generating options, and potentially repurchase shares.
**FAQ**
**What is Metaplanet’s bitcoin treasury strategy?**
Metaplanet’s bitcoin treasury strategy involves accumulating bitcoin as a core asset while implementing financial structures, such as preferred shares, to enhance capital flexibility and support future acquisitions without diluting common shareholders.