#机构投资者比特币配置 Metaplanet's recent moves are worth paying attention to—Asia's largest crypto treasury with 30,823 Bitcoins has issued preferred shares to institutional investors through a capital structure reform. Essentially, this reduces financing costs while locking in long-term funds.

There are two key signals: first, the differentiated dividend mechanism design (Type A with monthly floating dividends, Type B with quarterly fixed dividends), which reflects a fine-tuned matching of risk preferences among different institutions; second, the introduction of American Depositary Receipts (ADRs) to expand global deployment, directly opening up channels for traditional financial institutions to allocate assets.

From an on-chain perspective, this is not just a simple financing event but a sign that institutional Bitcoin allocation is shifting from "tentative" to "structured." When large Bitcoin holders begin designing complex financing tools to stabilize their holdings, it indicates their confidence in the long-term outlook has transformed into institutional commitments.

Points to follow up on include: the actual fundraising scale of the preferred shares, the specific flow of institutional investors, and how this additional capital impacts Metaplanet's subsequent Bitcoin accumulation pace. These data points will more intuitively reflect the true enthusiasm of institutions for Bitcoin allocation.