Metaplanet’s Bitcoin Gambit: A Tale of Financial Desperation 🤑

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Metaplanet shareholders, in a moment of what can only be described as sheer desperation, have approved a proposal to raise $884 million by selling up to 550 million new shares overseas.

The decision comes at a particularly dire time for the company. Since mid-June, Metaplanet’s stock has taken a nosedive, plummeting 54 percent. One might say, it’s like watching a poorly directed play where the lead actor trips over his own feet and falls off the stage. 🎭

The Plan to Replenish Bitcoin Funding

In a desperate bid to salvage its grandiose Bitcoin accumulation strategy, Metaplanet shareholders have, in their infinite wisdom, approved a proposal to raise $884 million by selling up to 550 million new shares overseas. This meeting, a veritable circus of financial juggling, took place earlier today in the bustling Shibuya district of central Tokyo. 🏙️

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The original plan was a beautifully intricate, yet tragically flawed, self-sustaining cycle. Rising share prices were supposed to entice Evo Fund to convert its warrants into company shares, injecting much-needed capital into Metaplanet. This capital was then to be used to purchase more Bitcoin, increasing the company’s value, boosting the share price, and perpetuating the cycle. Alas, like a poorly constructed house of cards, it all came tumbling down. 🃏

This new $884 million capital injection is intended to replace the funding this cycle is no longer generating. Most of the proceeds will be earmarked for further Bitcoin purchases, a move that could either save the company or send it spiraling into an even deeper abyss. 🌪️

Beyond the Capital Push

To add another layer of complexity to this financial farce, shareholders also approved a parallel proposal to issue preferred stock, which could raise an additional $3.8 billion. This move is designed to generate capital without further diluting common shareholders, should the stock continue its downward spiral. It’s a classic case of trying to plug a leaky dam with your thumb. 🤚

Despite these mounting challenges, Metaplanet remains undeterred in its Bitcoin ambitions. The company proudly announced that it has already acquired an additional 1,009 BTC for approximately $112.2 million, bringing its total holdings to 20,000 BTC. This feat has catapulted Metaplanet to the sixth-largest public Bitcoin treasury company, surpassing the once-mighty Riot Platforms. The company’s lofty goal is to own a staggering 210,000 BTC by 2027. 🚀

The presence of Eric Trump, who was appointed as the company’s strategic advisor in March 2025, added a touch of celebrity glamour to the proceedings. Trump, ever the loyal supporter, publicly backed the company’s CEO, Simon Gerovich, comparing him to the legendary Michael Saylor. He even went so far as to affirm Metaplanet’s mission to pioneer a new theory of credit in Japan based on digital assets. His attendance underscored the growing international and high-profile interest in companies adopting Bitcoin treasury strategies. 🌍

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2025-09-02 00:27