Japan’s Top Bitcoin Holder Targets Institutions With Monthly Dividends

Andrew Chen
Metaplanet

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  • Metaplanet is shifting from dilution-based growth to income-focused capital structures.
  • Dividend-paying preferred shares target institutional investors seeking predictable returns.
  • The move expands global access to Bitcoin-linked exposure without direct BTC custody.

Japan’s largest corporate Bitcoin holder is reshaping how institutions gain exposure to digital assets. Metaplanet has approved a sweeping overhaul of its capital structure, opening the door to dividend-paying preferred shares designed for income-focused investors — a notable shift from the high-volatility playbook that has defined many Bitcoin treasury strategies.

The move positions Metaplanet as a bridge between Bitcoin-native balance sheets and traditional capital markets, offering institutional investors a familiar structure with built-in income and downside protections.

A Shift From Dilution to Structured Income

Metaplanet’s shareholders approved multiple proposals that expand the company’s ability to issue preferred equity, adjust dividend mechanics, and reclassify reserves to support payouts and potential buybacks. The changes allow both Class A and Class B preferred shares to carry dividends, moving the company away from a model reliant purely on equity dilution.

Rather than promising direct Bitcoin yield, Metaplanet is packaging exposure to its sizable BTC holdings through structured equity instruments — a format more aligned with institutional mandates.

This approach reflects a broader evolution in how Bitcoin-heavy companies court long-term capital.

Monthly and Quarterly Dividends Appeal to Institutions

One of the most significant updates is the redesign of Class A preferred shares into a monthly, floating-rate dividend instrument known as the Metaplanet Adjustable Rate Security. Regular income streams are a key requirement for many institutional allocators, particularly those managing liability-driven portfolios.

Class B preferred shares introduce quarterly dividends alongside additional investor protections. These include a 10-year issuer call at a premium and an investor put option if Metaplanet fails to complete an IPO within a year. Together, these features reduce downside risk and mirror structures commonly seen in private credit and structured equity markets.

Global Capital Access Without Direct Bitcoin Custody

Metaplanet also cleared the issuance of preferred shares to overseas institutional investors, widening its capital base beyond Japan. This opens access for global investors seeking Bitcoin-linked exposure without directly holding spot BTC or navigating the volatility of common stock tied to crypto cycles.

With more than 30,800 Bitcoin on its balance sheet — valued at roughly $2.75 billion — Metaplanet ranks as Asia’s largest corporate Bitcoin holder and one of the biggest globally.

Also Read: Why Metaplanet Just Borrowed $100 Million Against Bitcoin — And Plans to Buy Even More

Expanding Beyond Japan’s Borders

The company’s strategy highlights how non-U.S. firms are adapting Bitcoin treasury models to local regulatory environments while still tapping global markets. Metaplanet recently announced plans to trade in the U.S. via American Depositary Receipts, following the establishment of a Miami-based subsidiary.

As institutional demand shifts toward predictable returns, Metaplanet’s preferred share strategy may offer a blueprint for the next phase of corporate Bitcoin finance.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

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