Metaplanet’s Bitcoin Strategy Faces Major Financing Test: Can They Survive The Crypto Winter?

Metaplanet's big Bitcoin bet hits a funding wall—just as crypto markets turn icy.

The Financing Crunch

Corporate treasuries diving into Bitcoin sounded revolutionary—until the bills came due. Metaplanet now stares down a classic liquidity squeeze, proving that even blockchain believers can't escape old-school finance realities.

Strategy Under Fire

Aggressive accumulation meets harsh refinancing math. When your flagship asset swings 30% in a week, debt covenants get nervous. The company's hedging strategy? Apparently 'HODL' isn't a recognized accounting practice.

Market Jitters

Investors once cheered the Bitcoin pivot. Now they're digging through cash flow statements—a terrifying regression to traditional analysis. Nothing shatters crypto euphoria like questioning whether payroll can be met.

Because nothing says 'financial innovation' like praying for a Bitcoin rally to cover your operating expenses.

The Plan to Replenish Bitcoin Funding

In a crucial move to rescue its ambitious Bitcoin accumulation strategy, Metaplanet shareholders have reportedly approved a proposal to raise $884 million by selling up to 550 million new shares overseas.

The extraordinary shareholder meeting occurred earlier today in the Shibuya district of central Tokyo.

The decision addresses a significant financing crunch triggered by the company’s stock plummeting 54% since mid-June. This collapse in share price made a crucial funding arrangement with its key investor, Evo Fund, unworkable.

The original arrangement was a self-sustaining cycle in which rising share prices encouraged Evo Fund to convert its warrants into company shares. This action injected capital into Metaplanet, which the company used to buy more Bitcoin. The expectation was that these bitcoin purchases would increase the company’s value, boost the share price, and continue the cycle.

This new $884 million capital push is intended to replace the funding this cycle is no longer generating. Most of the proceeds will be earmarked for further Bitcoin purchases.

Beyond the Capital Push

To provide additional financial flexibility, shareholders also reportedly approved a parallel proposal to issue preferred stock, which could raise an extra $3.8 billion. 

The MOVE allows the company to generate capital without further diluting common shareholders should the stock continue to decline. This dual approach emphasizes the seriousness of Metaplanet’s financial headwinds.

Despite these challenges, Metaplanet is not abandoning its ambitions for Bitcoin. 

The company announced during the meeting that it has already acquired an additional 1,009 BTC for approximately $112.2 million, bringing its total holdings to 20,000 BTC. This acquisition has made it the sixth-largest public Bitcoin treasury company, surpassing Riot Platforms. The company aims to own an even more than 210,000 BTC by 2027.

The presence of Eric Trump, who was appointed as the company’s strategic advisor in March 2025, added to the meeting. TRUMP publicly supported the company’s CEO, Simon Gerovich. He compared him to Strategy’s Michael Saylor and affirmed Metaplanet’s mission to pioneer a new theory of credit in Japan based on digital assets. 

His attendance reinforced the growing international and high-profile interest in companies adopting Bitcoin treasury strategies.