Metaplanet Stock Pumps as Shareholders Approve Proposals to Buy More Bitcoin

Metaplanet stock bounces more than 4% on the day of the extraordinary general meeting (EGM). This comes as shareholders of Asia’s MicroStrategy approve all five agendas as the firm plans to raise funds to boost its Bitcoin holdings further.

Metaplanet Stock Continues Rally amid Stockholders’ Support at EGM

Bitcoin treasury Metaplanet concluded its EGM today, with favorable outcomes that could shape the company’s future. It includes the Bitcoin acquisition strategy for next year as the firm plans to reach 100,000 BTC.

CEO Simon Gerovich revealed that their shareholders’ decision on the management proposals. Gerovich said, “Thank you for attending the shareholders’ meeting. All agenda items were approved. Thank you very much.”

The meeting brought shareholders together to discuss and vote on key agenda items relevant to the company’s strategic and governance matters, including next year’s Bitcoin accumulation strategy.

At press time, the stock bounced 4.16% to 451 JPY, with a significant rise in trading volume. The intraday low and high are 428 JPY and 458 JPY, respectively.

As per Yahoo Finance, Metaplanet stock has rallied more than 26% in a month. It marks a much-needed upside momentum following a crash from the 52-week high of 1,930 JPY in June.

Meanwhile, MTPLF stock is also in the buzz amid MPJPY launch, a new American Depositary Receipts (ADRs). MTPLF closed 7.75% higher at $2.78 on Friday. Whereas MPJPY tumbled 28.75% fron debut at $4 to close at $2.85 on Friday.

Proposals Approved at the EGM

As CoinGape earlier reported, Metaplanet secured a major vote of confidence from Norges Bank Investment Management, the world’s largest sovereign wealth fund. Norges Bank voted in favor of all five proposals.

Dylan LeClair, director of Bitcoin strategy at Metaplanet, revealed a broader consensus among shareholders in favor of management proposals.

He revealed that stockholders approved shifting capital stock and capital reserve to capital surplus to increase capacity for preferred share dividends and potential share buybacks. They also voted in favor of increasing the total number of authorized preferred shares from 277.5 million to 555 million shares.

MARS Class A preferred shares were amended to a monthly, floating-rate dividends structure. Moreover, MERCURY Class B preferred shares were amended to quarterly dividend structure, with investors’ put right unless IPO within a year. Shareholders also approved the issuance of Class B preferred shares to overseas institutional investors.