Norway's sovereign wealth fund supports Metaplanet bitcoin plan ahead of EGM vote

Norway’s Norges Bank Investment Management (NBIM), which manages the world's largest sovereign wealth fund and holds a 0.3% stake in Metaplanet, has endorsed the company's Bitcoin-focused strategy. NBIM voted in favor of all five management proposals ahead of Metaplanet’s Extraordinary General Meeting (EGM) scheduled for December 22.

The five proposals supported by the fund are designed to enhance capital flexibility for non-dilutive Bitcoin accumulation. These include reducing capital stock and reserves to free up funds for Bitcoin acquisitions, increasing authorized shares to facilitate future capital raises, and introducing new perpetual preferred shares (MARS and MERCURY) that offer variable or fixed dividends.

Authorization was also given to issue MERCURY shares to institutional investors to fund Bitcoin purchases, as Metaplanet is reportedly raising $150 million for this purpose. Metaplanet's common shares have seen an 8% rise year-to-date.

(Source：CoinDesk)