Metaplanet won shareholder approval for a ¥555B (~$3.7B) Bitcoin plan, but its plunging stock and reliance on financial engineering raise doubts about whether the company can deliver on its bold 210,000 BTC target.
Presented as one of the boldest corporate Bitcoin accumulation strategies to date, the plan passed at an extraordinary shareholder meeting that authorized up to 2.7 billion shares and created a dual-class framework. While pitched as a way to protect common shareholders while raising vast sums, the approval reflects investor hope more than financial certainty, given Metaplanet’s 54% stock decline and reliance on engineered financing.
Metaplanet approved two preferred classes: Class A, with fixed dividends, and Class B, convertible into common stock. The company describes this as a “defensive mechanism” to limit dilution while widening its investor base. These steps unlock the potential for up to ¥555B in new funding, earmarked for scaling Bitcoin reserves.
The company most recently added 1,009 BTC (~¥16.48B / ~$112M), lifting total holdings to about 20,000 BTC worth $2.2B. That places Metaplanet sixth globally among corporate Bitcoin treasuries.
Yet stock performance tells a different story: shares plunged 54% since peaking in June at $12.75, undermining earlier warrant- and equity-driven “flywheel” financing schemes.
To counter funding strains, Metaplanet plans an overseas offering, aiming to raise ~$880M through new and preferred share issuance. Final terms depend on regulatory clearance in Japan and market demand, adding another layer of uncertainty to its financing roadmap.
Once a hotel operator, Metaplanet reinvented itself in 2024 as a Bitcoin-focused treasury vehicle under CEO Simon Gerovich, echoing MicroStrategy’s high-leverage playbook. The company now targets 210,000 BTC by 2027, a pace that requires immense capital inflows.
But with stock price weakness limiting investor appetite — including from former financiers such as Evo Fund — analysts caution the model hinges on regaining market trust. Without stabilized equity and stronger liquidity pipelines, Metaplanet’s ambitious target risks remaining out of reach.
