Metaplanet Approves Shares to Expand Bitcoin

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Tokyo-listed Metaplanet, holding 30,823 BTC worth $2.75 billion, approved issuing preferred shares without affecting common stock. Following MicroStrategy’s approach, the company doubled its Class A (MARS) and Class B (MERCURY) shares, added floating-rate and quarterly dividends, and targeted institutional investors. Recently, it raised $150 million through MERCURY shares and $250 million via credit for Bitcoin purchases. The stock jumped 18% to 451 JPY as investors anticipate further Bitcoin accumulation and bigger holdings.