This article was first published on TurkishNY Radio.
Norway’s sovereign wealth fund rarely makes headlines for individual equity votes. That changed this week when Norges Bank Investment Management (NBIM) threw its full support behind Metaplanet, a Tokyo-listed firm known for building Bitcoin into its corporate balance sheet.
NBIM, which manages more than $2 trillion in global assets, voted in favor of all five proposals submitted by Metaplanet ahead of the company’s Extraordinary General Meeting scheduled for December 22.
While the fund’s ownership stake remains small, the decision itself carries symbolic weight in global financial circles.
Metaplanet Bitcoin Strategy Signals More Than Ownership
NBIM currently owns around 0.3% of Metaplanet. On paper, that may appear insignificant. In practice, its voting alignment sends a broader signal about how large institutions are beginning to view Bitcoin-focused corporate strategies.
By approving every proposal, NBIM has effectively acknowledged Bitcoin treasury models as a legitimate approach to capital management.
Commentary on X, including remarks from market analyst Dylan LeClair, described the move as institutional validation rather than speculation.
Similar discussions on Reddit’s BitcoinMarkets highlighted how rare it is for sovereign funds to publicly support Bitcoin-centric governance decisions.
What Metaplanet Is Actually Changing
The approved proposals outline a structural reset designed to give Metaplanet more flexibility over how it raises and deploys capital.
One of the key changes involves reducing capital stock and reserves without altering the total number of outstanding shares. This frees up capital that can be redirected toward dividends, share buybacks, or future Bitcoin purchases.
The company also received approval to increase its authorized share limit and introduce new preferred share classes.
According to filings submitted to the Tokyo Stock Exchange, these changes are meant to support long-term planning rather than short-term market reactions.
Preferred Shares Designed for Institutions
Two new preferred share classes sit at the center of Metaplanet’s plan. Class A shares, known internally as MARS, are structured as perpetual senior securities offering variable monthly dividends.
The goal is to attract income-focused investors without putting pressure on common shareholders.
Class B shares, branded MERCURY, are built with institutions in mind. They offer fixed quarterly dividends along with conversion and redemption features.
This structure allows investors to access steady returns while maintaining optional exposure to Bitcoin-related upside.
Metaplanet has disclosed plans to raise up to $150 million through MERCURY issuances, with clear authorization to allocate those funds toward Bitcoin accumulation.
A Familiar Pattern for Norway’s Fund
NBIM’s backing of Metaplanet is not an isolated move. The fund already holds over 1% of Strategy in the United States, a position valued at more than $1.1 billion based on late-2025 market prices.
Together, these holdings suggest a measured approach to Bitcoin exposure through regulated public companies rather than direct asset ownership.
Following the announcement, Metaplanet shares traded near 404 JPY, while Strategy gained over 3% in the same session, according to Google Finance. The price action was modest but reflected renewed attention.
Why Bitcoin Buying Has Slowed
Despite the institutional support, Metaplanet has not added Bitcoin to its balance sheet since late September. On-chain data from public blockchain trackers confirms the pause.
Community analysis on Reddit points to the company’s market-to-net asset value ratio slipping below 1x, making further purchases less efficient in the short term.
This pause has turned the December 22 meeting into a critical moment for investors watching whether capital restructuring leads to renewed accumulation.
A Defining Test for the Bitcoin Treasury Model
Metaplanet has outlined a long-term target of increasing its Bitcoin holdings significantly by 2026 and 2027. Whether that goal remains realistic will depend on execution, market conditions, and access to institutional capital.
For now, Norway’s vote has made one thing clear. Bitcoin-based treasury strategies are no longer confined to niche discussions. They are being evaluated, debated, and, in some cases, supported by the world’s largest financial institutions.
Summary
Norway’s sovereign wealth fund has backed Metaplanet’s Bitcoin strategy by approving all management proposals ahead of its December meeting.
The vote signals growing institutional acceptance of Bitcoin-focused treasury models. Metaplanet plans capital restructuring and preferred share issuance to support future Bitcoin accumulation, despite pausing purchases since September.
The decision highlights how large funds are increasingly engaging with regulated companies that hold Bitcoin on their balance sheets.
Glossary of Ket Terms
1. Metaplanet Bitcoin Strategy
Metaplanet’s approach to holding Bitcoin as part of its company reserves, treating it as a long-term balance-sheet asset rather than something bought and sold frequently.
2. Norway Sovereign Wealth Fund (NBIM)
Norway’s state-run investment fund, managed by Norges Bank, which invests the country’s wealth across global markets while following strict transparency and governance standards.
3. Bitcoin Treasury Model
A method where companies keep Bitcoin on their balance sheets as a store of value, similar to cash or bonds, instead of using it purely for trading.
4. Preferred Shares
A type of company share that usually pays regular dividends and has priority over common shares, often used to raise funds without heavily diluting existing shareholders.
5. Extraordinary General Meeting (EGM)
A special meeting called by a company to let shareholders vote on important decisions that cannot wait until the next annual meeting.
6. Market-to-Net Asset Value (mNAV)
A measure that compares a company’s market price to the value of its assets, helping investors judge whether new investments or capital raises make financial sense.
7. Institutional Bitcoin Exposure
Access to Bitcoin through regulated companies or investment vehicles, allowing large investors to gain exposure without directly holding or managing the asset themselves.
8. Corporate Governance
The system of rules and practices that guide how a company is run, ensuring management decisions are transparent and aligned with shareholder interests.
FAQs About Metaplanet Bitcoin strategy
What does Norway’s fund backing Metaplanet mean?
It shows that a major institutional investor supports Metaplanet’s long-term Bitcoin treasury approach, viewing it as a strategic balance-sheet decision rather than short-term speculation.
How will Metaplanet fund future Bitcoin purchases?
The company plans to raise money through preferred shares, giving it fresh capital for Bitcoin buying while limiting dilution for existing shareholders and maintaining financial flexibility.
Is Metaplanet’s Bitcoin strategy compliant and secure?
Yes. The approach relies on regulated corporate structures, transparent disclosures, and stock exchange filings, helping ensure compliance while offering indirect exposure to Bitcoin.
What updates should investors watch next?
Attention is on the December meeting, potential capital raises, and whether Bitcoin buying resumes, along with updates released through official filings and investor communications.
