Metaplanet Raises Capital Concerns Amid Stock Plummet

Japanese Bitcoin treasury company Metaplanet is facing financial challenges following a steep stock price decline of 54% since mid-June. The company’s ‘flywheel’ mechanism, which relies on stock-based financing, has failed, prompting them to seek new funding sources. Metaplanet intends to raise around $8.8 billion through an overseas public offering, with shareholders poised to vote on Monday regarding the issuance of up to 555 million preferred shares. This unique investment tool could potentially unlock another $37 billion in capital.