According to Odaily Planet Daily, Metaplanet's stock price has fallen 54% since mid-June, hindering its "flywheel" financing model, which relied on rising stock prices to raise funds through the exercise of warrants in the Evo Fund. The company currently holds 18,991 BTC and aims to increase its holdings to 100,000 BTC by the end of 2026 and to 210,000 BTC by 2027.

Metaplanet announced plans to raise approximately 130.3 billion yen (US$880 million) through a public offering of shares in overseas markets. The company will also vote at its shareholders' meeting on whether to approve the issuance of up to 555 million preferred shares, which is expected to raise 555 billion yen (US$3.7 billion). The preferred shares will provide an annual dividend of up to 6%, capped at 25% of the company's Bitcoin holdings.

Analysts point out that Metaplanet's Bitcoin premium has fallen from more than 8 times in June to just 2 times, increasing the risk of strategic dilution. (Cointelegraph)