Metaplenet, the firm that quotes on the tokyo list accumulating Bitcoin, faces increasing pressure as the price of the shares falls, threatening the fund collection model that it has used to build one of Bitcoin’s largest corporate treasures worldwide.
The company’s shares have fallen 54% since mid -June, although Bitcoin (BTC) won around 2% during the same period. The decrease has put in stress its “flyer” of capital increase, a mechanism that depends on the increase in the prices of actions to unlock funds through the orders of EM issued to Evo Fund, its key investor.
With low actions, exercising these orders is no longer attractive to Evo, squeezing Metaplanet’s liquidity and slowing its Bitcoin acquisition strategy, according to a Sunday Bloomberg report.
Directed by former Goldman Sachs Simon Gerovich merchant, Metaplenet currently has 18,991 BTC, which makes it the largest seventh public holder, according to Bitcintrease.net. The firm has ambitions to grow its battery to 100,000 BTC by the end of 2026 and 210,000 BTC by 2027.
Related: Metaplenet, smarter web adds almost $ 100 million in Bitcoin to treasure bonds
Metaplenet resorts to foreign markets
With its “steering wheel” strategy losing impulse, Gervich is resorting to the collection of alternative funds. On Wednesday, Metaplenet announced plans to raise approximately 130.3 billion yen ($ 880 million) through a public offer of actions in foreign markets.
In addition, shareholders will vote on Monday about whether to approve the issuance of up to 555 million preferred shares, a rare instrument in Japan, which could raise up to 555 billion yen ($ 3.7 billion).
In an interview with Bloomberg, Gerovich described preferred actions as a “defensive mechanism”, allowing capital infusion without diluting common shareholders if the shares fall further. These actions, which are expected to offer up to 6% of annual dividends and initially limited to 25% of the company’s bitcoins, can attract Japanese investors hungry for performance.
Related: Metaplanet plans to raise additional $ 3.7b to buy bitcoin
The Bitcoin Premium fall puts the metaplanet strategy at risk
However, analysts are cautious. “Bitcoin’s cousin is what will determine the success of the entire strategy,” said Natixis Eric Benoit. That premium, the difference between Metaplenet market capitalization and the value of its Bitcoin holdings, has fallen from more than 8 times in June to only 2 times, which increases the risk of dilution.
The company has suspended Evo’s order exercises from September 3 to 30, paving the way for the issuance of preferred shares. It remains to be seen if this change can stabilize the metaplanet financing strategy.
Meanwhile, Metaplenet has been updated from a small capitalization to a medium capitalization action in the semiannual review of FTSE Russell in September 2025, which obtained inclusion in the FTSE Japan index. The measure follows the strong performance of the second quarter of the company.
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