Metaplanet's $884M Fundraising Bid: Can Shareholders' Vote Save the Bitcoin Play?

Metaplanet shareholders delivered approval Monday for an ambitious $884 million overseas capital infusion, a pivotal moment for the Japanese Bitcoin treasury firm as it confronts mounting pressure from deteriorating market conditions. According to Reuters, attendees at the extraordinary Tokyo meeting endorsed the proposal, which permits the firm to issue up to 550 million new shares and preferred stock potentially valued at $3.8 billion.

The Financing Crunch Behind the Vote

The shareholder backing arrives at a critical juncture. Metaplanet’s equity has cratered 54% since mid-June, upending the financial machinery that powered CEO Simon Gerovich’s aggressive Bitcoin accumulation drive. The company’s signature “flywheel” arrangement—a stock-dependent funding model built with Evo Fund—has significantly decelerated when share valuations weaken and warrant exercises fail to activate as anticipated.

Mark Chadwick, formerly of Jefferies, noted via Bloomberg that this financing mechanism has “slowed” considerably, restricting the capital pipeline for Bitcoin purchases. The contrast proves stark: from April through June, Metaplanet’s holdings surged 160%, yet the subsequent four-month stretch saw accumulation climb less than 50%.

A Warning From Crypto Insiders

Not everyone views the capital raise optimistically. Ray Youssef, CEO of peer-to-peer crypto platform NoOnes, cautioned that layering corporate equity structures with leverage and warrants “opens up a door to fragility that Bitcoin itself doesn’t have.” While the preferred share strategy may grant breathing room, market observers worry it signals desperation rather than strength.

The concern centers on a fundamental tension: Bitcoin’s decentralized properties clash with the inherent vulnerabilities of leveraged corporate finance. Once you introduce equity volatility, derivative instruments, and market-dependent triggers into a Bitcoin accumulation strategy, the fortress-like certainty of hodling pure bitcoin erodes.

Metaplanet’s Expansion Continues—For Now

Despite the headline turbulence, the company pressed ahead with its mission during Monday’s proceedings. Metaplanet announced a fresh 1,009 BTC acquisition worth approximately $112.2 million, elevating total holdings to 20,000 bitcoin and generating a “BTC Yield of 486.7% YTD 2025.” This positions Metaplanet as the world’s sixth-largest publicly traded Bitcoin treasury, eclipsing Riot Platforms per Bitcoin Treasuries data.

Eric Trump, who joined as strategic adviser in March, attended the meeting and praised Gerovich as “the one leading the front in all of Asia,” drawing parallels to Michael Saylor of MicroStrategy.

The 210,000 BTC Question

Metaplanet targets owning 210,000 bitcoin by 2027—an objective now under strain. Youssef warned that without sustained capital raises, “they can forget about their 100,000 BTC by 2026 dream.” Failure to secure funding transforms Metaplanet from a Bitcoin treasury pioneer into merely another leveraged bet that breaks its promises.

Yet the firm has boosted its Bitcoin holdings per share by 2,274% over the past year, dwarfing MicroStrategy’s 86% increase. Recent inclusion in major global indices—following September’s FTSE Russell mid-cap upgrade—underscores institutional confidence in the structure, at least momentarily.

Trading closed Monday at $5.65 (¥831), down 5.46%, with the session range spanning $5.44–$5.92 (¥828–¥900) per Google Finance data. For shareholders, the vote represents a brief moment of collective agreement that capital preservation and continued accumulation remain preferable to watching Bitcoin opportunity slip away.