Metaplanet plans to raise $3.8 billion by issuing 555 million preferred shares

Metaplanet has lost half its market value in under three ￰0￱ Japanese firm, which began 2025 as a breakout crypto stock after jumping over 400%, is now in ￰1￱ mid-June, shares have dropped 54%, wiping out gains that were driven by aggressive Bitcoin buying and wild investor ￰2￱ Simon Gerovich, the former Goldman Sachs trader who engineered the company’s pivot from hotel management to crypto accumulation, is now racing to patch up the damage and raise billions to keep ￰3￱ Wednesday, Metaplanet announced plans to raise $884 million by selling shares overseas. That’s just the start. Tomorrow, at an extraordinary general meeting in Tokyo, shareholders will vote on whether to allow the company to issue 555 million preferred shares, which could raise up to ¥555 billion ($3.8 billion).

If approved, this would become one of the largest single Bitcoin-buying authorizations by a public company in ￰4￱ company aims to hold 100,000 BTC by the end of 2026, then double that by ￰5￱ loses momentum as flywheel funding stalls Simon’s biggest problem right now is that his original financing method, the so-called flywheel, has basically stopped ￰6￱ structure was built on a stock acquisition agreement with Evo Fund, an affiliate of Evolution Financial ￰7￱ allowed Evo to buy shares through moving strike warrants, a setup where the price adjusts over time based on where Metaplanet’s stock is ￰8￱ the shares went up, Evo could buy in low, sell high, and hand Metaplanet the difference to buy more ￰9￱ model worked well, until the stock crashed.

“The flywheel has slowed,” said Mark Chadwick, a former Jefferies analyst now writing for ￰10￱ now has no incentive to exercise those warrants, which means less capital flowing ￰11￱ admitted as much, saying Metaplanet paid Evo “almost zero” in fees for the deals, but that advantage is now ￰12￱ declined to ￰13￱ June 30, Metaplanet’s Bitcoin holdings have grown less than 50%, down sharply from the 160% spike logged in the two months ￰14￱ stock collapse has also flattened what’s known as the Bitcoin premium, the gap between the value of the company and the value of its ￰15￱ June, Metaplanet’s market cap was eight times higher than its BTC ￰16￱ of this week, it’s barely ￰17￱ ratio ￰18￱ the company’s value slips too close to its Bitcoin, any equity sale starts diluting shareholder ￰19￱ doesn’t want to keep selling equity under those conditions.

He’s calling the preferred shares a “defensive mechanism” to raise capital without hurting common shareholders. “If our stock continues to fall, theoretically, to the value of our Bitcoin, we don’t really want to be selling equity,” he ￰20￱ family joins the Bitcoin vote in Tokyo To prepare for the vote, Metaplanet has suspended all Evo-related exercises between September 3 and September ￰21￱ said the freeze “clears the path for subsequent preferred share issuance.” The new preferreds will carry a maximum 6% dividend, capped at 25% of the value of Metaplanet’s Bitcoin ￰22￱ hasn’t seen much of this kind of instrument before, but Michael Saylor’s Strategy ￰23￱ made heavy use of them in the ￰24￱ load up on ￰25￱ here comes the ￰26￱ Trump is flying into Tokyo for the shareholder meeting, since becoming an adviser to Metaplanet and has already been granted 3.3 million shares via acquisition ￰27￱ are now more than 170 public companies holding Bitcoin, with combined holdings valued above $111 billion, according to ￰28￱ ￰29￱ at the top with around 630,000 ￰30￱ is currently in seventh place with 18,991 tokens, valued at roughly $2.1 ￰31￱ those numbers only matter if the company can keep ￰32￱ wants Metaplanet to stay in the ￰33￱ Benoist made it clear : “There isn’t infinite capital ￰34￱ I think everyone needs to ask themselves, when does this end?” Get $50 free to trade crypto when you sign up to Bybit now