Metaplanet OKs $884M Raise, Eyes $3.8B Preferred While its Bitcoin ‘Flywheel’ Stalls

Metaplanet ￰5￱ secured shareholder approval to raise up to $884 million through an overseas share sale, even as questions mount over the sustainability of its aggressive Bitcoin accumulation ￰6￱ move marks the latest pivot for the Tokyo-based company, once a struggling hotel operator, now one of the world’s largest corporate holders of the ￰7￱ shareholders approved a plan on Monday to issue 550 million new shares, raising about 130.3 billion yen ($884 million) as the company seeks fresh capital to expand its Bitcoin ￰8￱ shareholders have approved all 3 resolutions at today’s EGM: Increase in Total Number of Authorized Shares Virtual Shareholder Meetings New Provisions for Perpetual Preferred Shares ￰9￱ — Simon Gerovich (@gerovich) September 1, 2025 At the meeting in Tokyo, the firm confirmed most of the proceeds will be directed toward cryptocurrency ￰10￱ plan was proposed last ￰11￱ event drew an unusually festive crowd, complete with food trucks, a K-pop performance, and a high-profile appearance by Eric Trump .

Trump, who joined Metaplanet’s board of advisers in March, appeared on stage with founder and CEO Simon ￰12￱ praised Gerovich as “one of the most honest people I’ve ever met” and reiterated his view of Bitcoin as “the ultimate global asset.” Eric Trump’s Monday meeting in Tokyo will involve a vote by Metaplanet shareholders on a capital-raising proposal. ￰0￱ — ￰13￱ (@cryptonews) September 1, 2025 Trump also disclosed that the Trump Organization holds Bitcoin and claimed that sovereign wealth funds and world leaders are now moving to accumulate the ￰14￱ recently spoke at the Bitcoin Asia conference in Hong ￰15￱ announced that it added 1,009 Bitcoin on Monday , bringing its total to 20,000 coins worth more than $2 ￰16￱ to BitcoinTreasuries.

net, the purchase makes the Tokyo-based firm the sixth-largest corporate Bitcoin holder. @Metaplanet_JP just stacked 1,009 more Bitcoin, boosting its treasure chest to 20,000 BTC, now valued at about $2.14B. #Metaplanet #HODL ￰1￱ — ￰17￱ (@cryptonews) September 1, 2025 Bitcoin Premium Compression Threatens Metaplanet’s Accumulation Strategy The expansion comes as Metaplanet faces pressure on its financing strategy. Gerovich, a former Goldman Sachs derivatives trader, has relied on “moving strike warrants” issued to Evo Fund to generate cash for Bitcoin ￰18￱ approach, which Gerovich dubbed the “flywheel,” allowed the company to raise funds at low cost while its stock was climbing.

Additionally, the model has faltered as shares ￰19￱ soaring more than 740% over the past year, Metaplanet’s stock has fallen 54% since peaking in mid-June, even as Bitcoin has risen 2% in the same ￰20￱ slowdown has curbed accumulation, with Bitcoin holdings growing by 160% in the two months through June but less than 50% since. “The flywheel has slowed,” said Mark Chadwick , a former Jefferies analyst cited by Bloomberg. “As the stock declines, each exercise generates less capital to buy Bitcoin.” The analysts also note the compression of Metaplanet’s so-called “Bitcoin premium”—the difference between the company’s market capitalization and the value of its ￰21￱ at more than eight times its Bitcoin reserves in June, the multiple has narrowed to roughly two.

“The Bitcoin premium is what drives the success of the entire strategy,” said Natixis analyst Eric Benoist. “If the premium compresses, they can’t accumulate on the same terms, interest wanes, and the stock goes down.” To ease the strain, in addition to the $884 million overseas share sale, Metaplanet previously proposed issuing up to 555 million preferred shares, potentially raising as much as ¥555 billion ($3.8 billion) . Metaplanet raised over $517M on day one of its “555 Million Plan,” signaling strong early backing for its bold Bitcoin accumulation strategy. #Metaplanet #BTC ￰2￱ — ￰22￱ (@cryptonews) June 25, 2025 The securities would carry dividends of up to 6% and be capped at 25% of the value of the company’s Bitcoin ￰23￱ preferred shares typically lack voting rights, they offer dividend priority over common stock, an attractive feature for Japanese investors in a low-rate ￰24￱ has called the preferred issuance a “defensive mechanism,” designed to protect common shareholders from dilution if the stock trades closer to the value of its Bitcoin ￰25￱ company also suspended the exercise of Evo Fund’s warrants through September to prepare for the move.

“We don’t want to fall behind—people are racing to buy Bitcoin,” Gerovich said. “I want another tool in my toolkit.” Bitcoin traded at $108,046 on Monday, down from last month’s record of $124,481, though Eric Trump insisted prices would eventually climb to $1 ￰26￱ Bitcoin Holdings Pass $111B as Metaplanet Leads in Asia Metaplanet ￰27￱ cemented its position as Asia’s largest corporate Bitcoin holder, reporting a 468% yield in the second quarter of 2025 as its treasury reached 18,113 BTC worth $2.1 ￰28￱ Tokyo-listed firm formally adopted Bitcoin treasury operations in December 2024 and has since pivoted fully from hotel management to digital assets under ￰29￱ company’s rapid accumulation strategy has drawn comparisons to Strategy, which developed the corporate Bitcoin reserve model in the U.

S. Metaplanet’s “555 Million Plan” targets 210,000 BTC , about 1% of the total supply, by ￰30￱ the near term, it plans to more than quadruple holdings to 100,000 BTC by the end of next year. Japan's @Metaplanet_JP Q2 financial report shows a 468% Bitcoin yield, becoming the 4th largest global holder with 18,113 BTC worth $2.1B, targeting 210,000 BTC by 2027. #Japan #Bitcoin ￰3￱ — ￰31￱ (@cryptonews) August 13, 2025 The firm reported ¥816 million in operating profit on ¥1,239 million in Q2 revenue, largely driven by ¥1,131 million in income from Bitcoin option ￰32￱ number of shareholders has surged more than 1,000% in a year to 128,000, making Metaplanet the best performer among 55,000 publicly listed firms in 2024.

Globally, more than 170 companies now hold Bitcoin on their balance sheets, totaling over $111 billion. Still, analysts warn that the strategy carries risks of dilution when stock values converge with Bitcoin’s net asset ￰33￱ exec @matthew_sigel warns Bitcoin treasury strategies could backfire, as firms nearing NAV risk eroding shareholder value through continued BTC accumulation. #VanEck #BitcoinTreasury ￰4￱ — ￰34￱ (@cryptonews) June 16, 2025 VanEck’s Matthew Sigel cautioned that once company valuations converge with Bitcoin holdings, shareholder dilution may outweigh gains.