#机构投资者比特币配置 Metaplanet's move is worth paying attention to—with 30823 bitcoins as Asia's largest crypto treasury, it's issuing preferred shares to institutional investors through capital structure reform, essentially lowering financing costs while locking in long-term capital.

There are two key signals: First, the differentiated dividend mechanism design (Class A monthly floating, Class B quarterly fixed), which reflects the precise matching of different institutional risk preferences; Second, introducing American Depositary Receipts to expand global layout, directly opening access channels for traditional financial institutions.

From an on-chain perspective, this isn't simply a financing event, but rather a marker of institutional bitcoin allocation transitioning from "exploration" to "structuralization." When large bitcoin-holding entities begin designing complex financing instruments to stabilize their holdings, it indicates their confidence in long-term bullishness has transformed into institutional-level commitments.

Points requiring continued tracking: the actual fundraising scale of the preferred shares, the specific destinations of institutional investor capital, and the impact of these new funds on Metaplanet's subsequent bitcoin accumulation pace. These data will more directly reflect the genuine enthusiasm of institutions for bitcoin allocation.