Core Viewpoint - Metaplanet's stock experienced a 4.16% increase following the announcement of changes to its capital structure, aimed at attracting institutional investors through dividend-paying preferred shares [1][2]. Group 1: Capital Structure Changes - The company plans to issue dividend-paying preferred shares to raise capital and expand its Bitcoin holdings, with shareholders approving five major proposals [2][3]. - The approved measures allow for the reclassification of capital reserves to support preferred share dividends and potential buybacks, doubling the authorized issuance of both Class A and Class B preferred shares [3]. Group 2: Bitcoin Holdings - Metaplanet currently holds approximately 30,823 Bitcoin, valued at about $2.75 billion, making it the fourth-largest corporate holder of Bitcoin globally and the largest in Asia [4]. - The governance changes indicate a strategic shift from a growth-through-dilution model to a more traditional capital markets approach [4]. Group 3: Preferred Shares Features - Class A preferred shares will introduce a monthly, floating-rate dividend known as the "Metaplanet Adjustable Rate Security," providing predictable income streams for institutional investors [6]. - Class B preferred shares will include quarterly dividends and a 10-year issuer call option at 130% of face value, along with an investor put option if a qualifying IPO does not occur within one year [7]. Group 4: Stock Performance - Following these developments, Metaplanet's stock has rebounded from a support level of 338 JPY seen in November [8].