Norway’s Norges Bank Investment Management (NBIM) has endorsed Metaplanet’s (3350) bitcoin focused strategy, voting in favour of all five management proposals ahead of the company’s Extraordinary General Meeting (EGM) on Dec. 22, according to a Bloomberg screenshot shared by Dylan LeClair, Metaplanet’s director of bitcoin strategy.
NBIM, which is one of the world’s largest sovereign wealth funds, managing about $1.7 trillion in assets, reported that it held approximately 0.3% of Metaplanet as of June 30.
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The five proposals approved by the fund are as follows:
- A reduction of capital stock and capital reserves, allowing funds to be transferred to surplus for dividends, share buybacks, or bitcoin acquisitions without changing the number of outstanding shares.
- An increase in authorized shares, including new preferred classes, to enable future capital raises to support bitcoin accumulation.
- The introduction of perpetual preferred Class A shares, known as MARS, which offer variable monthly dividends and ranks senior in the capital structure.
- The creation of perpetual preferred Class B shares, called MERCURY, featuring fixed quarterly dividends, conversion options, and cash redemption features. MetaPlanet are raising $150 million for third party allotment to institutional investors.
- Authorization to issue MERCURY shares to institutional investors to fund bitcoin purchases.
Metaplanet’s common shares have risen about 8% year-to-date and are trading just over 400 yen ($2.60).
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Author: James Van Straten
