Norges Bank Investment Management (NBIM) has endorsed Bitcoin from Metaplanet (3350) According to a Bloomberg screenshot shared by Dylan LeClair, director of Bitcoin strategy at Metaplanet, the company voted in favor of all five management proposals ahead of its extraordinary general meeting (EGM) on December 22.
NBIM, one of the world’s largest sovereign wealth funds with approximately $1.7 trillion in assets under management, reportedly held about 0.3% of Metaplanet’s shares as of June 30.
The five proposals approved by the fund are as follows:
- Reducing equity and capital reserves, allowing funds to be transferred to surplus for dividends, stock buybacks, or Bitcoin acquisitions without changing the number of outstanding shares.
- Increased authorized shares, including new preferred classes, to allow for future capital raising to support Bitcoin accumulation.
- Introducing perpetual preferred Class A shares (called MARS) that provide variable monthly dividends and rank higher in the capital structure.
- Creates a perpetual preferred Class B stock named MERCURY with a fixed quarterly dividend, conversion option and cash redemption feature. MetaPlanet is raising $150 million in a third-party placement to institutional investors.
- Authorizes the issuance of MERCURY shares to institutional investors to fund Bitcoin purchases.
Metaplanet’s common stock has gained about 8% so far this year and trades at just over 400 yen ($2.60).
