Norway’s $2T fund just backed Metaplanet – What’s happening?

Norges Bank Investment Management (NBIM), the manager of Norway’s $2 trillion sovereign wealth fund, has made a bold investment move.

Metaplanet, the Tokyo-listed firm often dubbed “Asia’s Strategy (formerly MicroStrategy),” has secured unanimous support from NBIM for all five of its management proposals.

Metaplanet gets support from NBIM

Ahead of an Extraordinary General Meeting (EGM) on 22 December, NBIM, which holds a stake of roughly 0.3% in the company, has publicly signaled its total alignment with Metaplanet’s aggressive Bitcoin-centric treasury strategy.

By voting “Yes” on every proposal, NBIM isn’t just a passive observer now. In fact, it is endorsing the Bitcoin [BTC] Treasury Model as a legitimate corporate strategy.

Details of the proposal

For context, the five proposals that got voted in include a list of major structural changes designed to strengthen Metaplanet’s capital base and accelerate its long-term Bitcoin accumulation strategy.

First of all, Metaplanet will reduce its capital stock and reserves, freeing up surplus funds that it can use for dividends, share buybacks, or additional Bitcoin purchases, This, without altering the number of shares in circulation.

Next, the company will expand its pool of authorized shares and introduce new preferred share classes, giving it more flexibility to raise capital in the future.

The new preferred classes form the core of this strategy.

Metaplanet will issue Class A shares (MARS) as perpetual senior securities that pay variable monthly dividends, providing investors with an attractive yield while protecting existing shareholders from dilution.

It will also deploy Class B shares (MERCURY) as a dedicated capital engine.

These shares offer fixed quarterly dividends, conversion rights, and redemption features, making them appealing to institutions that want predictable returns with the potential for Bitcoin-linked upside.

Additionally, Metaplanet also plans to raise $150 million by issuing MERCURY shares to institutional investors. And now, it has explicit approval to use the proceeds from these issuances to buy more Bitcoin.

Together, these five proposals will give Metaplanet a scalable, institution-ready system for raising capital and aggressively expanding its Bitcoin holdings.

If successful, the strategy would position Metaplanet to become one of the world’s largest Bitcoin holders, second only to Michael Saylor’s Strategy.

Is Michael Saylor playing a role here?

For its part, Norges Bank is already deeply invested in the Bitcoin treasury model through Strategy, where it now holds roughly 1.05% – A position worth over $1.1 billion by late 2025.

Their quiet but growing stake in Metaplanet, from 0.3% in June to about 0.49% now, suggests they are “index-weighting” Bitcoin treasuries globally.

By backing Strategy in the U.S and Metaplanet in Asia, Norges Bank is signaling its conviction that Bitcoin-backed equities represent a new investable asset class.

This has also coincided with Metaplanet’s stock trading at 404 JPY, up 1.51%, while Strategy (MSTR), was changing hands at $167.50, gaining by 3.34% according to Google Finance.

Metaplanet’s BTC buying pause

However, beneath these green candles lies a strategic pivot.

Metaplanet has notably paused its Bitcoin acquisitions since 29 September, a silence that many attribute to its Market-to-Net Asset Value (mNAV) falling below 1x.

Thus, the upcoming 22 December Extraordinary General Meeting will be a defining moment for Metaplanet.

Though the firm’s commitment to scaling from 30,000 to 100,000 BTC by 2026 now carries a shadow of uncertainty, its balance sheet remains remarkably resilient.

Final thoughts

• Metaplanet’s proposals show it is building long-term, institutional-grade infrastructure to accumulate Bitcoin beyond market cycles.
• Metaplanet has shown that the Bitcoin Standard can evolve, even inside a listed Asian corporation.