Norges Bank Investment Management (NBIM), the colossal manager of Norway’s $2 trillion sovereign wealth fund, has made a significant statement by fully backing Metaplanet, the Tokyo-listed firm often dubbed “Asia’s Strategy.” This endorsement signals a potent validation of a bold, Bitcoin-centric corporate treasury strategy.
NBIM's Global Bitcoin Conviction
Ahead of an Extraordinary General Meeting, NBIM, holding a 0.3% stake in Metaplanet, publicly cast a unanimous "Yes" vote on all five of Metaplanet’s management proposals. This move transcends passive investment, marking an active endorsement of the Bitcoin Treasury Model as a legitimate and scalable corporate strategy. It also aligns with NBIM’s broader investment philosophy, as they already hold a substantial 1.05% stake in MicroStrategy, the U.S. pioneer of the Bitcoin treasury model. This dual backing suggests NBIM is actively "index-weighting" Bitcoin treasuries globally, signaling a strong conviction that Bitcoin-backed equities represent a nascent yet compelling investable asset class.
Metaplanet's Innovative Capital Structure
The five unanimously approved proposals lay the groundwork for a robust and scalable system designed to aggressively expand Metaplanet's Bitcoin holdings. Key changes include reducing capital stock and reserves to free up funds for future Bitcoin purchases or shareholder returns, and crucially, expanding authorized shares to introduce new preferred share classes. The Class A shares (MARS) will serve as perpetual senior securities offering variable monthly dividends, while the Class B shares (MERCURY) are designed as a dedicated capital engine, providing fixed quarterly dividends, conversion rights, and redemption features, specifically targeting institutional investors. With explicit approval to use proceeds from a planned $150 million MERCURY issuance for Bitcoin acquisitions, Metaplanet aims to solidify its position as one of the world’s largest Bitcoin holders, second only to MicroStrategy.
A Defining Moment for a Bold Vision
While Metaplanet has temporarily paused Bitcoin acquisitions since late September due to its Market-to-Net Asset Value (mNAV) falling below 1x, the upcoming December 22 EGM is poised to be a pivotal moment. Despite this tactical pause, the underlying strategy reveals a sophisticated, long-term vision to build institutional-grade infrastructure for Bitcoin accumulation, transcending typical market cycles. Metaplanet's strategic evolution demonstrates that the Bitcoin Standard can be effectively integrated and scaled within a listed Asian corporation, setting a potential precedent for future corporate treasury management.
