Japan's Largest Bitcoin Holder Introduces Dividend Shares for Investors

Metaplanet shareholders greenlighted all five proposals during an extraordinary meeting on Friday. This approval sets the stage for the creation of two new types of preferred shares aimed at financing Bitcoin purchases while providing fixed monthly and quarterly dividends to investors.

Key Takeaways

Metaplanet shareholders approved new classes of preferred shares for Bitcoin purchases.
The company holds 30,823 BTC, valued at approximately $2.7 billion.
Class A shares will offer monthly floating-rate dividends, while Class B shares ("Mercury") will pay 4.9% quarterly.
Metaplanet introduced a Sponsored Level I American Depositary Receipt program for U.S. investors.

Japan's Biggest Bitcoin Holder Now Offering Dividend Shares to Investors

The Tokyo-listed firm, which holds 30,823 BTC valued at around $2.7 billion, is now geared to raise funds through dividend-paying securities instead of diluting common stockholders.

Executive Dylan LeClair confirmed the meeting's results on social media, and CEO Simon Gerovich expressed gratitude to attendees once all items were approved.

Metaplanet’s Dividend-Backed Bitcoin Funding Model

The MARS (Metaplanet Adjustable Rate Security) structure reflects Strategy's successful STRC preferred stock, which debuted in July and currently trades at around $98 with an annualized dividend yield of about 10.75%.

STRC's dividends are adjusted monthly to maintain the stock's price close to the $100 target, mitigating volatility while providing consistent income for investors looking to gain Bitcoin exposure without direct equity risks.

Through STRC, Strategy has financed the purchase of approximately 21,000 BTC since its initial public offering.

Metaplanet's Class A preferred shares will offer adjustable monthly dividends aimed at stable pricing, with rates increasing when the stock trades below par and decreasing when it trades above.

In addition, Class B shares, named "Mercury," are set to pay a quarterly dividend of 4.9% annually. These shares also come with the option to convert to common stock if Metaplanet's share price triples.

The Mercury offerings gathered ¥21.25 billion ($135 million) in November through a third-party allocation to overseas institutional investors, with the conversion price significantly higher than the current market rate to reduce immediate dilution.

Gerovich indicated that this approach intends to "minimize dilution from common share issuances while continuing to expand BTC holdings," describing it as a “new step in scaling” the company's Bitcoin treasury strategy.

Furthermore, the company consented to transfer capital stock and capital reserves into capital surplus, enhancing its capability for preferred share dividends and potential stock buybacks.

Class B shares come with a 10-year call at 130% and include an investor put option unless an IPO occurs within a year.

Expanded Trading Accessibility Through a Sponsored ADR Program

The shareholder approvals followed the launch of Metaplanet’s Sponsored Level I American Depositary Receipt (ADR) program, providing U.S. investors with dollar-denominated access to the company’s equity listed under the ticker MPJPY.

Deutsche Bank Trust Company Americas acts as the depositary, while MUFG Bank serves as the custodian for the underlying shares based in Japan.

Each ADR corresponds to one ordinary Metaplanet share and trades on the U.S. over-the-counter market.

Gerovich stated that the ADR program "directly reflects feedback from U.S. retail and institutional investors seeking easier access to our equity."

This new structure enhances settlement efficiency, reduces transaction costs, and boosts transparency for U.S. investors, who typically face operational and regulatory challenges when trading foreign-listed stocks.

Previously, Metaplanet shares were traded in the U.S. under the symbol MTPLF, but this arrangement lacked a formal agreement with a depositary bank, limiting the company's ability to provide consistent disclosures and support to investors.

The ADR launch is not intended to raise capital and does not influence the number of issued common or preferred shares.

Following this announcement, Metaplanet's shares saw a 4% increase, closing at 451 yen.

Metaplanet Dividend Shares - Metaplanet Shares Chart from Google Finance

In 2025, Metaplanet acquired nearly 29,000 BTC but paused new purchases in late September due to market volatility affecting Bitcoin treasury companies.

The company also secured a $130 million loan in November, fully backed by Bitcoin under a broader $500 million credit facility, ensuring it maintains a robust collateral buffer during intense price volatility.