Metaplanet’s stock has plunged 54% since mid-June, forcing the Tokyo-listed firm to seek alternative fundraising as its share-based “flywheel” falters.
Metaplanet, the Tokyo-listed firm aggressively accumulating Bitcoin, is facing mounting pressure as its share price tumbles, threatening the fundraising model it has used to build one of the largest corporate Bitcoin treasuries globally.
The company’s stock has dropped 54% since mid-June, despite Bitcoin (BTC) gaining around 2% during the same period. The decline has put its capital-raising “flywheel” under stress, a mechanism dependent on rising share prices to unlock funding through MS warrants issued to Evo Fund, its key investor.
With shares down sharply, exercising these warrants is no longer attractive for Evo, squeezing Metaplanet’s liquidity and slowing its Bitcoin acquisition strategy, according to a Sunday report by Bloomberg.
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