Metaplanet holders approve fresh funding tools to buy Bitcoin

[TOKYO] Japanese Bitcoin treasury Metaplanet secured shareholder approval for a proposal enabling it to raise as much as 555 billion yen (S$4.8 billion) via preferred shares, in a bid to expand its financing options after its stock slumped.

Shareholders of the hotel-operator-turned-Bitcoin-proxy voted in favour of authorising 555 million preferred shares for potential issuance at a meeting in Tokyo on Monday (Sep 1), according to an announcement by Metaplanet’s president Simon Gerovich on social media site X.

Preferred shares are securities combining features of equity and debt. The vote comes after Metaplanet announced plans to raise around 130 billion yen by selling stock overseas in an underwritten offering last week.

Metaplanet, which holds about 20,000 Bitcoin, according to its website, aims to quintuple its stockpile to 100,000 by the end of 2026 and hold 210,000 tokens by the close of 2027.

The firm has raised over 242 billion yen to purchase Bitcoin so far this year via a moving strike warrant agreement with investment firm Evo Fund.

Metaplanet has suspended all exercises of Evo’s warrants between Sep 3 and Sep 30, however, as it pursues new capital-raising tools in an effort to keep up with the global race to accumulate Bitcoin.

The company’s shares have dropped 56 per cent since a Jun 16 high, after soaring 445 per cent since the beginning of 2025. Its market value is now roughly double that of its Bitcoin holdings, down from a premium of eight times at one point in June. The stock was up 0.6 per cent as at 11.30 am in Tokyo on Tuesday.

Eric Trump, son of the US President and a strategic adviser to Metaplanet, attended Monday’s extraordinary general shareholder meeting in Tokyo and addressed participants.

Eric’s appearance came as WLFI, a token issued by the Trump-backed cryptocurrency project World Liberty Financial, began trading on Monday. BLOOMBERG