Norway’s Norges Bank Investment Management (NBIM), the entity responsible for managing the country’s substantial $1.7 trillion sovereign wealth fund, has publicly endorsed Metaplanet’s strategic direction by voting in favor of all five management proposals at the company's upcoming Extraordinary General Meeting (EGM) on December 22. This decisive vote signals NBIM’s support for Metaplanet’s evolving bitcoin treasury strategy. NBIM, which held approximately a 0.3% stake in Metaplanet as of June 30, made its voting decision known through Dylan LeClair, Metaplanet’s director of bitcoin strategy.

The five proposals are specifically crafted to enhance Metaplanet's capital flexibility and facilitate the accumulation of bitcoin in a non-dilutive manner. One significant proposal aims to reduce capital stock and capital reserves. This structural adjustment would enable the transfer of funds to surplus, thereby allowing Metaplanet to fund dividends, share buybacks, or further bitcoin acquisitions without increasing the number of outstanding common shares. Another key proposal seeks to expand the company’s authorized share count, which includes the strategic introduction of new preferred share classes. Metaplanet articulated that this measure would provide the necessary means to raise capital in the future, specifically for funding additional bitcoin purchases, while simultaneously preserving flexibility within its existing capital structure.

A central element of Metaplanet’s capital strategy revolves around the introduction of new perpetual preferred shares. The proposed Class A preferred shares, branded as MARS, are designed to offer variable monthly dividends and would hold a senior position within the company’s capital structure. In parallel, the company plans to introduce perpetual Class B preferred shares, designated as MERCURY. These MERCURY shares would feature fixed quarterly dividends, offer conversion options, and include cash redemption features. Metaplanet is actively seeking authorization to issue MERCURY shares to institutional investors as part of a planned $150 million third-party allotment, which is intended to fund further significant bitcoin purchases. This innovative preferred share structure is strategically designed to attract long-term institutional capital, while simultaneously limiting potential dilution for existing common shareholders.

The Tokyo-listed firm has increasingly solidified its position as a corporate bitcoin treasury vehicle, drawing noteworthy comparisons to several U.S. firms that have adopted analogous strategies. Metaplanet’s common shares have seen a positive trajectory, climbing approximately 8% year-to-date. As of last month, Metaplanet held a substantial 30,823 BTC, positioning it as the world’s fourth-largest corporate holder of bitcoin. The company consistently reiterates its plans to allocate new capital towards additional bitcoin purchases, with remaining funds directed towards income-generating bitcoin strategies and the redemption of outstanding corporate bonds.

Further demonstrating its commitment to its bitcoin strategy, Metaplanet, in early November, drew $100 million from an existing $500 million credit facility. This facility was notably secured by only 3% of its 30,823 BTC holdings. The funds drawn are earmarked for funding further Bitcoin purchases, expanding its income-generating options business, and potentially repurchasing shares. The loan itself is characterized by its flexibility, featuring no fixed maturity, allowing for repayment at any time, and is tied to U.S. benchmark rates. The specific lender, however, remains undisclosed.