Metaplanet Inc. has seen its fortunes swing wildly in 2025. After surging more than 400% earlier this year, its stock has since plunged by more than half since mid-June. The drop has created pressure on the company’s financing model, which relied heavily on equity-linked deals to fund large Bitcoin purchases.
President Simon Gerovich, who previously revitalized the company by pivoting from hospitality to cryptocurrency, now faces the challenge of keeping investor confidence intact. The sharp decline risks limiting Metaplanet’s ability to secure the steady inflows of capital that fueled its expansion. With a shareholder meeting set for September 1, the stakes are high for the company’s next move.
Financing push through overseas and preferred shares
In response, Metaplanet has announced a major fundraising plan. The firm intends to raise $884 million through an underwritten share offering overseas, with the option to expand the sale if demand is strong. Alongside this, shareholders will vote on whether the company can issue up to 555 million preferred shares, a rare move for a Japanese company. If approved, the sale could generate as much as $3.8 billion.
The goal is clear: raise sufficient funds to continue to accumulate Bitcoin. This expansion plan is part of the broader institutional Bitcoin buying spree that has intensified under the supervision of pro-crypto rhetoric from U.S. President Donald Trump. The urgency lies not only in Bitcoin’s all-time price levels, but also in the global corporations’ race to build digital asset reserves.
Metaplanet rising competition in Bitcoin treasuries
Metaplanet is already seventh among public companies to own Bitcoins, with over nearly 19,000 coins that are worth about $2.1 billion. Its goals are ambitious, aiming to increase the holdings to 100,000 Bitcoins in December 2026 to approaching nearly double that in 2027. Steady funding from capital markets is therefore required in the midst of stock price volatility that is making their fundraising challenging.
To date this year, the company has raised $1.6 billion from a stock purchase rights deal with Evo Fund, which is controlled by Evolution Financial Group. The deal allowed issuing shares to finance relocating strike warrants by Evo, though Metaplanet’s stock’s unexpected downfall derailed the success of similar tools. To maintain expansion’s trend intact, Metaplanet is turning to new funding tools like preferred shares to remain consistent with strategy.
