Japanese Bitcoin investment firm Metaplanet has secured shareholder approval to revamp its capital structure, paving the way for billions in potential fundraising to support its aggressive Bitcoin accumulation plan.

At an extraordinary general meeting held Monday, investors voted in favor of amending the company’s articles of incorporation, expanding its authorized shares to 2.7 billion. The company also introduced a dual-class preferred stock system aimed at broadening its investor base while ensuring current shareholders maintain control.

Earlier coverage: Bitcoin price may surge to $150K once two big whales are dealt with, predicts David Bailey.

Under the new structure, Class A shares will offer a fixed dividend, appealing to income-focused investors seeking stability. Meanwhile, Class B shares will carry higher risk but provide the option to convert into common stock, offering potential upside tied to the success of Metaplanet’s Bitcoin strategy.

Management described the system as a “defensive mechanism” designed to protect existing shareholders from excessive dilution. At the same time, the overhaul opens the door to raise as much as 555 billion yen ($3.7 billion), which the company has earmarked for future Bitcoin purchases as part of its long-term accumulation plan.

Source: Metaplanet

Metaplanet takes next step toward achieving its Bitcoin accumulation goals.

On Aug. 1, Japanese Bitcoin investment firm Metaplanet unveiled plans to raise $3.7 billion to support its ambitious goal of acquiring 210,000 BTC by the end of 2027.

On Wednesday, the company’s board of directors approved the issuance of new shares through an international offering. This decision cleared the way for the recent shareholder vote, considered one of the most significant internal governance hurdles.

Although the framework has been approved, Metaplanet’s board must still finalize the exact issuance terms, and the company will also need to submit detailed registration statements to Japanese regulators.

The larger obstacle, however, lies in attracting sufficient investor participation to achieve the full $3.7 billion target. The challenge comes at a time when Metaplanet’s stock price has been under pressure. According to Google Finance, shares were trading at around $5.74 on Tuesday, a steep drop of 54% from their June peak of $12.75.

Metaplanet stock prices in the last six months. Source: Google Finance