Metaplanet Hits 20,000 BTC as Share Price Drops and New Fundraising Plans Emerge
Metaplanet, Japan’s largest Bitcoin treasury, has acquired 1,009 BTC, bringing its holdings to 20,000 BTC worth about $112M. The purchase coincided with the issuance of 11.5M new shares after investor Evo Fund exercised warrants worth $65.7M, part of which was used to redeem $20.4M in bonds. Despite the accumulation, Metaplanet’s stock has dropped 54% since mid-June, pressuring its fundraising model. Analysts warn falling share prices may limit its ability to raise capital for more Bitcoin. The firm now plans major fundraising moves, including a potential $880M overseas share offering and a vote on issuing up to $3.7B in preferred shares, highlighting both ambition and financial strain in its Bitcoin-focused strategy. Rising Bitcoin prices could make Metaplanet one of the most profitable treasuries, similar to MicroStrategy’s strategy and if fundraising succeeds, treasury size could rival global leaders. However, the collapse of the stock price limits the ability to raise capital making warrants less attractive for investors like Evo Fund. Downside volatility could trigger losses and financing troubles.