Bitcoin News Today: Bitcoin Firm Arms Shareholders with 6% Dividends as Flywheel Stalls

Japan-based Metaplanet Inc. has secured shareholder approval to raise up to $884 million through an overseas share sale, according to a recent announcement. The company, once a hotel operator now fully pivoted to digital assets, will use the funds primarily for Bitcoin accumulation. The shareholder meeting in Tokyo approved three key resolutions: an increase in the total number of authorized shares, the adoption of virtual shareholder meetings, and the introduction of perpetual preferred shares [1].

The company has also announced the purchase of 1,009 additional Bitcoin, bringing its total holdings to 20,000 coins valued at over $2.1 billion. This acquisition makes Metaplanet the sixth-largest corporate Bitcoin holder globally, according to BitcoinTreasuries.net [2]. The Tokyo-listed firm reported a 468% yield in the second quarter of 2025 as its Bitcoin treasury reached 18,113 BTC [3]. Metaplanet’s strategic shift, under CEO Simon Gerovich, has led to significant growth in its Bitcoin holdings, with plans to expand further and reach 210,000 BTC—approximately 1% of the total supply—by 2027 [4].

The company’s financial performance in the second quarter of 2025 showed strong results, with ¥816 million in operating profit and ¥1,239 million in total revenue, largely driven by ¥1,131 million in income from Bitcoin option underwriting [5]. The number of shareholders has increased more than 1,000% in a year to 128,000, positioning Metaplanet as the best-performing stock among 55,000 publicly listed companies in 2024 [6].

However, the company is facing challenges in maintaining its aggressive accumulation strategy due to a decline in its stock price, which has fallen 54% since mid-June. This has affected the liquidity required to fund further Bitcoin purchases, as the model relies heavily on the so-called “Bitcoin premium”—the difference between the company’s market capitalization and the value of its holdings. The premium has compressed from over eight times its Bitcoin reserves in June to roughly two times [7].

To address this, Metaplanet has also proposed issuing up to 555 million preferred shares, which could raise as much as ¥555 billion ($3.8 billion). The preferred shares would carry dividends of up to 6% and be capped at 25% of the value of the company’s Bitcoin holdings [8]. Gerovich has described the issuance as a “defensive mechanism” to protect common shareholders from potential dilution if the stock price aligns with the value of its Bitcoin reserves. The company has also suspended the exercise of warrants by Evo Fund through September to prepare for the new financing strategy [9].

The broader corporate Bitcoin treasury trend has seen more than 170 companies now holding Bitcoin on their balance sheets, totaling over $111 billion globally. Despite the growing interest, analysts caution that the strategy carries risks, particularly when stock values converge with Bitcoin’s net asset value, potentially leading to shareholder dilution. VanEck’s Matthew Sigel has warned that once company valuations align with Bitcoin holdings, the continued accumulation may erode shareholder value [10].

Source:

[1] title1 (https://www.tradingview.com/news/cryptonews:f3fa2f48b094b:0-metaplanet-oks-884m-raise-eyes-3-8b-preferred-while-its-bitcoin-flywheel-stalls/)

[2] title2 (https://cointelegraph.com/news/metaplanet-20000-btc-treasury-share-price-slump)