"One proposal would reduce capital stock and capital reserves, allowing funds to be transferred to surplus. This would enable dividends, share buybacks, or bitcoin acquisitions without increasing the number of outstanding common shares. Another proposal seeks to increase the company's authorized share count, including the introduction of new preferred share classes. Metaplanet said this would allow it to raise capital in the future to fund bitcoin purchases while preserving flexibility in its capital structure."
"A key component of the plan is the introduction of perpetual preferred shares. The proposed Class A preferred shares, branded as MARS, would offer variable monthly dividends and rank senior in the capital structure. The company also plans to introduce perpetual Class B preferred shares, known as MERCURY, which would feature fixed quarterly dividends, conversion options, and cash redemption features."
Norges Bank Investment Management voted in favor of all five Metaplanet management proposals, endorsing the firm's bitcoin treasury strategy. NBIM held roughly a 0.3% stake in Metaplanet as of June 30 and disclosed its vote via Dylan LeClair, Metaplanet's director of bitcoin strategy. The proposals aim to expand capital flexibility and support non-dilutive bitcoin accumulation by reducing capital stock and reserves to transfer funds to surplus, enabling dividends, share buybacks, or bitcoin acquisitions without increasing outstanding common shares. Additional proposals would increase authorized share count and introduce perpetual preferred shares—Class A 'MARS' and Class B 'MERCURY'—to attract institutional capital and fund bitcoin purchases.
Read at Bitcoin Magazine
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