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MERCURY (perpetual preferred Class B shares)
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Norway's sovereign wealth fund supports Metaplanet bitcoin plan ahead of EGM vote
Yahoo Finance· 2025-12-17 12:12
Core Viewpoint - Norges Bank Investment Management (NBIM) has supported Metaplanet's bitcoin-focused strategy by voting in favor of all five management proposals ahead of the Extraordinary General Meeting on December 22 [1] Group 1: Investment Details - NBIM, one of the largest sovereign wealth funds globally, manages approximately $1.7 trillion in assets and held about 0.3% of Metaplanet as of June 30 [2] - Metaplanet's common shares have increased by approximately 8% year-to-date, currently trading just over 400 yen ($2.60) [2] Group 2: Approved Proposals - A reduction of capital stock and capital reserves will allow funds to be transferred to surplus for dividends, share buybacks, or bitcoin acquisitions without altering the number of outstanding shares [3] - An increase in authorized shares, including new preferred classes, is intended to facilitate future capital raises to support bitcoin accumulation [3] - The introduction of perpetual preferred Class A shares, known as MARS, will offer variable monthly dividends and rank senior in the capital structure [3] - The creation of perpetual preferred Class B shares, called MERCURY, will feature fixed quarterly dividends, conversion options, and cash redemption features, with Metaplanet raising $150 million for third-party allotment to institutional investors [3] - Authorization to issue MERCURY shares to institutional investors is aimed at funding bitcoin purchases [3]