Norway’s Norges Bank Investment Management (NBIM) has endorsed Metaplanet’s (3350) bitcoin BTC$86,979.34 focused strategy, voting in favour of all five management proposals ahead of the company’s Extraordinary General Meeting (EGM) on Dec. 22, according to a Bloomberg screenshot shared by Dylan LeClair, Metaplanet’s director of bitcoin strategy.

NBIM, which is one of the world’s largest sovereign wealth funds, managing about $1.7 trillion in assets, reported that it held approximately 0.3% of Metaplanet as of June 30.

The five proposals approved by the fund are as follows:

• A reduction of capital stock and capital reserves, allowing funds to be transferred to surplus for dividends, share buybacks, or bitcoin acquisitions without changing the number of outstanding shares.
• An increase in authorized shares, including new preferred classes, to enable future capital raises to support bitcoin accumulation.
• The introduction of perpetual preferred Class A shares, known as MARS, which offer variable monthly dividends and ranks senior in the capital structure.
• The creation of perpetual preferred Class B shares, called MERCURY, featuring fixed quarterly dividends, conversion options, and cash redemption features. MetaPlanet are raising $150 million for third party allotment to institutional investors.
• Authorization to issue MERCURY shares to institutional investors to fund bitcoin purchases.

Metaplanet’s common shares have risen about 8% year-to-date and are trading just over 400 yen ($2.60).