Bitcoin Proxy Metaplanet Gets Support from World’s Largest Sovereign Wealth Fund
Highlights
- Norges Bank Investment Management approves all five Metaplanet proposals.
- Bitcoin treasury plans preferred shares offering, capital reduction and accounting transfers in EGM.
- Metaplanet stock jumps 1.51% despite selling pressure on Bitcoin.
$2 trillion Norges Bank Investment Management, the world’s largest sovereign wealth fund, has disclosed unanimous support for all five management proposals of Bitcoin treasury Metaplanet. The stock bounces 1.51% on Wednesday amid a slight BTC price rebound.
Norges Bank Votes in Favor of Bitcoin Treasury Metaplanet Proposals
Metaplanet, aka Asia’s MicroStrategy, has secured a major vote of confidence from Norges Bank Investment Management. Norges Bank disclosed votes in favor of all five proposals in line with Metaplanet’s upcoming extraordinary general meeting (EGM) next week.
It indicates support for the planned preferred shares offering, capital reduction and accounting transfers by the company for its Bitcoin-focused strategy. The support could further catalyze Metaplanet’s goal to reach 100,000 BTC holdings, cementing its position as a leader in corporate Bitcoin adoption.
Norges Bank currently holds a 0.49% stake in Metaplanet, underscoring its growing interest in the company. The fund also maintains a 1.05% stake worth $1.1 billion in MicroStrategy (MSTR), the largest corporate Bitcoin treasury.
With its immense capital base, Norges Bank would increase its exposure to Metaplanet over time, boosting the company’s profile among global investors.
As CoinGape reported earlier, CEO Simon Gerovich urged all shareholders to actively exercise their voting rights as the EGM includes important proposals that could shape the company’s future.
Stock Pumps Amid Bitcoin Price Uncertainty
Japan-listed Metaplanet stock price closed 1.51% higher at 404 JPY. The 24-hour low and high were 398 JPY and 410 JPY, respectively. Trading volume was significantly below the average of 42 million.
The stock rebounded nearly 15% in recent sessions after mNAV bounced back above 1, but it has pared most gains following the sudden drop in Bitcoin price to $85K.
MTPLF stock closed 1.6% lower at $2.59 on Tuesday, erasing most gains due to potential uncertainty ahead of the EGM.
Meanwhile, Bitcoin price is under selling pressure, moving in a range-bound near 86,682. The 24-hour low and high are $86,159 and $88,170, respectively. Trading volume decreased by 17% over the past 24 hours as traders brace for the Bank of Japan rate hike.
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