Metaplanet Secures $884M Raise, Looks to Expand Bitcoin Holdings Amid Struggles in Accumulation Strategy

Metaplanet has secured shareholder approval to raise up to $884 million through an overseas share sale, aiming to expand its Bitcoin holdings. The move comes as the company's aggressive Bitcoin accumulation strategy faces questions over sustainability. Metaplanet's stock has fallen 54% since peaking in mid-June, curbing accumulation and compressing its Bitcoin premium. The company has confirmed most of the proceeds will be directed toward cryptocurrency purchases.

Metaplanet, a Tokyo-based company known for its aggressive Bitcoin accumulation strategy, has secured shareholder approval to raise up to $884 million through an overseas share sale. The move comes as the company's stock has fallen 54% since mid-June, raising questions about the sustainability of its Bitcoin accumulation strategy [1].

The share sale, which includes up to 550 million new shares and preferred stock, aims to fund additional Bitcoin purchases. Most of the proceeds will be directed toward cryptocurrency purchases, as Metaplanet continues to grow its Bitcoin reserves despite market challenges [2].

Metaplanet's Bitcoin holdings have grown significantly over the past year. As of the latest data, the company holds 20,000 BTC, valued at $112.2 million. This acquisition increased its year-to-date Bitcoin yield to 486.7%, ranking it as the sixth-largest public Bitcoin holder globally [3].

The company's stock price fell 5.46% on Monday to close at ¥831 ($5.65), showing lingering concerns around equity dilution. Despite this, Metaplanet continues to outperform the Topix index over 12 months, with a 740% surge versus the index’s 13% gain. Its inclusion in the FTSE Japan Index reflects growing institutional recognition [3].

Eric Trump, appointed as a strategic advisor in March 2025, attended the shareholder meeting and publicly supported Metaplanet's CEO, Simon Gerovich. Trump compared him to Strategy’s Michael Saylor and affirmed the company's mission to pioneer a new theory of credit in Japan based on digital assets [3].

Metaplanet has set ambitious targets to grow its Bitcoin reserves to 100,000 BTC by the end of 2026 and 210,000 BTC by 2027. However, with its fundraising “flywheel” losing momentum, the company has turned to alternative methods to keep the strategy alive [2].

The share sale represents a critical step as Metaplanet seeks to counter the slowdown of its “flywheel” model, which relied on rising stock prices to unlock capital via warrant exercises. Falling share values have limited the company’s access to funds, threatening its crypto expansion roadmap [1].

References:
[1] https://coincentral.com/metaplanet-vote-884-million-share-sale-to-fuel-bitcoin-buying/
[2] https://thecoinrise.com/metaplanet-faces-pressure-as-stock-slump-threatens-bitcoin-accumulation-strategy/
[3] https://www.ainvest.com/news/metaplanet-secures-3-8-billion-shareholder-approval-boost-bitcoin-holdings-2509-44/