Tokyo-listed Metaplanet, which has been aggressively accumulating BTC for its Bitcoin Strategy, is facing a roadblock.
The firm is now grappling with a steep 54% drop in its stock price since mid-June 2025.
The decline has disrupted the company’s share-based fundraising “flywheel”, casting uncertainty over its innovative Bitcoin acquisition strategy.
According to a Bloomberg report, Metapalnet has pivoted to alternative capital raising methods.
Metaplanet’s Bitcoin Strategy
Metaplanet, under the leadership of former Goldman Sachs trader Simon Gerovich, has amassed 18,991 BTC.
This is now valued at approximately $2.06 billion at current prices (BTC $108,634).
Metaplanet is also the seventh-largest public Bitcoin holder globally.
The firm’s ambitious goal is to expand its holdings to 100,000 BTC by the end of 2026 and 210,000 BTC by 2027.
However, the recent stock plunge has strained its primary fundraising mechanism, which relies on rising share prices to incentivize its key investor Evo Fund.
The “flywheel” strategy, which fueled Metaplanet’s rapid Bitcoin accumulation, hinged on issuing warrants to Evo Fund, allowing the investor to purchase shares at a favorable price.
As Metaplanet’s stock soared earlier this year, Evo exercised these warrants, injecting capital that the company used to buy more Bitcoin.
However, with shares now down sharply, the warrants have become less attractive and slowed Bitcoin purchases.
To counteract this, Metaplanet announced plans to raise 1.25 billion yen ($835 million) through a public share offering targeting overseas markets.
To address immediate liquidity concerns, Metaplanet has suspended Evo Fund’s warrant exercises from September 3 to 30, clearing the path for the preferred stock issuance.
Whether this restructuring can restore momentum to the company’s Bitcoin strategy remains uncertain.
