Metaplanet, the firm listed in Tokyo aggressively accumulating bitcoin, faces pressure mounting as its sharing prices, which threatens the fundraising model it used to develop one of the largest corporate bitcoin treasury in the world.
The company’s stock has dropped 54% since mid -June, despite Bitcoin (Btc) gets almost 2% at the same time. The refusal has put a capital-raising “flywheel” under stress, a mechanism that depends on increasing shares prices to unlock funding through MS warrants issued to the Evo Fund, its main investor.
In shares sharply, the exercise of these warrants is no longer attractive -for EVO, squeezing metaplanet’s liquidity and slowing the approach to getting bitcoin, According to In a Sunday report by Bloomberg.
Led by former Goldman Sachs businessman Simon Gerovich, Metaplanet currently holds 18,991 BTC, making it a seventh largest public holder, according to bitcointreasuries.net. The firm has ambitions to grow its clamp to 100,000 BTC by the end of 2026, and 210,000 BTC by 2027.
Related: Metaplanet, smarter web add nearly $ 100m to bitcoin to treasures
Metaplanet turns on overseas markets
Through the “flywheel” approach that has lost momentum, Gerovich is returning to alternative fundraising. On Wednesday, metaplanet DEVELOPED PLANS TO Approximately 130.3 billion yen ($ 880 million) by a public sharing offer in overseas markets.
In addition, shareholders will be voted on Monday if the release of up to 555 million preferred shares, a rare instrument in Japan, can raise 555 billion yen ($ 3.7 billion).
In an interview with Bloomberg, Gerovich called the preferred sharing of a “defensive mechanism,” which allowed the pouring of capital without the dubbing of common shareholders if the stock had fallen. These shares, expected to offer up to 6% annual dividends and initially trapped in 25% of the firm’s Bitcoin handles, could appeal to Japanese hunger investors.
Related: Metaplanet plans to raise an additional $ 3.7B to buy Bitcoin
Bitcoin premium falling puts a metaplanet approach
However, analysts are careful. “The bitcoin premium is what to determine the success of the whole approach,” said Eric Benoit of Natixis. That premium, the difference between the metaplanet market cap and the cost of its bitcoin handling, fell from more than 8x in June to 2x only, increasing the risk of dilution.
The company has suspended EVO warrant exercises from September 3 to 30, setting the way for the preferred stock issuance. If this transfer can stabilize the metaplanet funding approach remains visible.
Meanwhile, metaplanet is upgraded from a small cap to a mid-cap stock on FTSE Russell’s September 2025 semi-year analysis, earn a companionship with the FTSE Japan Index. The move follows the company’s strong Q2 performance.
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