Metaplanet, Japan’s largest corporate Bitcoin holder, has approved a sweeping capital restructure designed to attract overseas institutional capital and fund further token acquisitions.
Metaplanet Overhauls Capital Structure To Court Global Institutions
23 December 2025 - 09:13 CET
By Sandmark staff
Shareholders at an extraordinary meeting on 22 Dec 2025 greenlit five proposals, including the issuance of dividend-paying preferred shares and a move into US markets via a sponsored ADR program.
Institutional shares and payouts
The Tokyo-listed firm will issue Class B preferred shares specifically targeting international institutions. These shares feature a quarterly dividend structure and a 10-year 130% issuer call, alongside an investor "put right" contingent on a potential IPO of the Class B shares within one year.
To support the payout capacity, Metaplanet shifted its capital stock and reserve to a capital surplus. Dylan LeClair, Metaplanet Director of Bitcoin Strategy, noted on X that the move increases capacity for dividends and potential share buybacks. Shareholders also authorized doubling the number of Class A and Class B preferred shares to 555mn each.
The revamp follows the 19 Dec 2025 launch of a sponsored American Depositary Receipt (ADR) program with Deutsche Bank. Trading under the ticker MPJPY, the program allows US institutions to trade Metaplanet stock on the OTC market through a compliant framework.
Expanding the onchain treasury
Metaplanet currently holds 30,823 BTC, making it the fourth-largest public corporate holder globally, according to CoinMarketCap data. The firm’s aggressive "MicroStrategy of Asia" model has spurred a broader trend among Japanese micro-caps seeking a hedge against yen volatility.
Regional peers are following the lead despite recent market turbulence. Fashion retailer ANAP Holdings acquired 18.6 BTC for ¥250mn ($1.6mn) on 16 Dec 2025, bringing its total treasury to 1,218 BTC. Meanwhile, advertising firm Eole purchased 12.4 BTC for ¥166mn ($1.1mn) between 12 Dec and 19 Dec 2025 as part of its "Neo Crypto Bank" initiative.
Metaplanet’s strategic board has also leaned into US political ties to bolster its profile. Eric Trump, son of US President Donald Trump, has served as a strategic advisor to the company since March 2025, working with President Simon Gerovich to navigate the firm's pivot from hotel operations to a digital asset treasury.
