Metaplanet shareholders approved an $884 million capital raise at an extraordinary meeting in Tokyo, clearing a plan to sell up to 550 million new shares overseas and to issue preferred stock that could be worth as much as $3.8 billion. The vote was attended by CEO Simon Gerovich and strategic adviser Eric Trump as the company seeks to shore up financing after a sharp slide in its share price.
The move comes amid a financing crunch: Metaplanet’s stock has fallen about 54% since mid‑June, weakening a stock‑dependent “flywheel” arrangement that previously funded Bitcoin purchases. That model — which relied on rising share prices to trigger warrant exercises with partner Evo Fund — has slowed, cutting the capital available for further Bitcoin accumulation.
Despite the pressure, Metaplanet reported buying 1,009 BTC for roughly $112.2 million (about $111,162 per coin) at the meeting, bringing its public treasury to 20,000 BTC acquired for approximately $2.06 billion (average cost ~ $103,138). The company highlighted a BTC Yield of 486.7% YTD 2025, and now ranks as the world’s sixth‑largest public Bitcoin treasury, surpassing Riot Platforms.
Metaplanet has set an ambitious target of owning 210,000 BTC by 2027. Critics caution the plan depends on continued access to capital and favorable market mechanics. As Ray Youssef of NoOnes put it, mixing corporate equity with leverage, warrants and other instruments can “open up a door to fragility that Bitcoin itself doesn’t have.” If fundraising stalls, the company’s expansion goals could be in jeopardy.
The company used the meeting to outline a new mission to create credit instruments built on scarce digital capital and earned a mid‑cap upgrade in FTSE Russell’s September review. Metaplanet (TYO:3350) closed at $5.65 (¥831) on Monday, down 5.46%.
Why it matters: Metaplanet’s approach illustrates how corporate balance‑sheet engineering can accelerate institutional Bitcoin accumulation — but it also shows the financing risks that arise when equity performance and structured warrants are central to a crypto buying strategy. Investors should note the increased dependence on capital markets and the potential for dilution and leverage to amplify downside.
Source: Decrypt. Read the original coverage for full details.