- Stock down 54% since June 16; $884M overseas share sale planned
- Preferred shares up to 555M with max 6% dividend; capacity ¥555B
- Evo warrant exercises paused Sept 3–30; 18,991 BTC held; target 100,000 BTC next year
Bitcoin Proxy’s Chief Simon Gerovich is steering Metaplanet Inc. through a tight window after a rapid swing in the share price: up more than 400% since the start of 2025, then down 54% from June 16 to August 29 while Bitcoin rose about 2%. The company is shifting its funding mix as the flywheel slows, outlining a $884 million overseas share sale and seeking approval to authorize up to 555 million preferred shares with a maximum 6% dividend and an initial issuance cap of 25% of the value of its Bitcoin holdings, a package that could raise up to ¥555 billion (about $3.8 billion). Exercises under the Evo Fund agreement are paused from September 3 to September 30 to clear the path, with the accumulation goal set at 100,000 Bitcoin by the end of next year and another step targeted in 2027.
Bitcoin Proxy’s Chief on urgency and market timing
The rally in Bitcoin to a record earlier this month, aided by US policy tailwinds, sharpened the time pressure. The aim is to add tools that can function across different equity conditions, because a rising stock price made the existing pathway efficient while a falling price has a different effect. Bitcoin Proxy’s Chief set the tone around not missing a window when global treasuries are adding to their holdings and when the cost of delay can show up in foregone tokens rather than just in a quarter’s reported numbers.
Metaplanet’s stock slide and premium compression
The decline from June has reduced the “Bitcoin premium” that equity investors track. In June, Metaplanet’s market value stood at more than eight times its Bitcoin holdings; it is now roughly double. When the premium compresses, each new equity raise risks giving shareholders fewer satoshis per share, and appetite can wane. This matters because the firm’s holdings reached 18,991 Bitcoin (about $2.1 billion), seventh among public-company treasuries, and the plan is to lift that to 100,000 Bitcoin by the end of next year and then roughly double again in 2027. For Bitcoin Proxy’s Chief, the premium is not a headline figure; it is the spread that governs whether equity-financed accumulation remains efficient.
Bitcoin Proxy’s Chief and the “flywheel” financing model
The “flywheel” label describes a stock acquisition rights agreement with Evo Fund that has delivered more than $1.6 billion of capital this year. The core mechanism uses moving strike warrants, giving the holder the right to acquire shares at a price that updates with the stock. In rising markets, exercises can be profitable for the counterparty and capital arrives in larger clips for Metaplanet to deploy into Bitcoin. In falling markets, each exercise brings in less cash per turn of the wheel. That shift is what observers flagged as the stock retreated since mid-June. Bitcoin Proxy’s Chief continues to keep this channel available but is now pairing it with instruments designed to resist dilution pressure when the equity premium tightens.
Overseas share sale: the $884 million plan
On Wednesday, the company outlined an underwritten offering to sell $884 million of shares to overseas investors, with an option to increase the size. The goal is straightforward: secure funding at scale while investor demand remains present, and reduce single-channel dependence. The move complements the near-term pause on Evo exercises that runs from September 3 to September 30, a sequence that tidies the cap table while the new issuance is structured. For Bitcoin Proxy’s Chief, a diversified funding stack lowers execution risk and provides a bridge toward the next accumulation targets.
Preferred shares proposal: up to ¥555 billion capacity
Shareholders are set to vote at an extraordinary general meeting in Tokyo on September 1 on authorizing up to 555 million preferred shares. The company’s disclosures indicate potential proceeds up to ¥555 billion, or about $3.8 billion. The proposal includes a maximum 6% dividend on the preferreds and an initial issuance cap set at 25% of the value of the firm’s Bitcoin holdings. The structure borrows from US practice where peers have leaned on preferreds to separate funding needs from common-equity dilution. For Bitcoin Proxy’s Chief, preferred shares function as a defensive layer: cash in, limited voting rights out, while common shareholders avoid heavier dilution in a soft tape.
Bitcoin Proxy’s Chief amid global treasury rankings
Public-company Bitcoin treasuries now exceed 170 entities worldwide with combined holdings worth over $111 billion. Strategy ranks first with around 630,000 Bitcoin. Metaplanet sits seventh with 18,991 Bitcoin and intends to more than quadruple its stash to 100,000 by the end of next year before roughly doubling it again in 2027. The scale of these targets frames the size of the capital stack the company is building. Bitcoin Proxy’s Chief has to match the cadence of token purchases with instruments that can function under both premium expansion and compression, because the conversion ratio between new equity and added Bitcoin shifts with each market turn.
Suspension of Evo exercises and what it unlocks
Metaplanet has paused all exercises of Evo’s stock acquisition rights from September 3 through September 30. Analysts noted the pause “clears the path” for preferred issuance by stabilizing flows around the common equity while deal terms are prepared. The firm’s own data showed that Bitcoin holdings grew more than 160% in the two months through June 30, then by less than 50% since, a deceleration that lines up with the share-price move. For Bitcoin Proxy’s Chief, the mid-September window is about resetting issuance mechanics so that each new dollar raised brings in a steadier amount of Bitcoin, regardless of short-term equity swings.
Bitcoin Proxy’s Chief on governance and advisers (EGM and Eric Trump)
Governance signals matter alongside capital math. The EGM on September 1 includes the preferred authorization and brings advisory voices into the room. Eric Trump, an adviser to Metaplanet, plans to attend and has been granted 3.3 million shares via stock acquisition rights. The presence underscores how the company is assembling policy, investor-relations, and capital-markets inputs as it scales. For Bitcoin Proxy’s Chief, aligning these strands helps reduce uncertainty around execution, reporting, and investor expectations during an active issuance period.
What premium compression means for future raises
When the company’s market value trades close to the fair value of its Bitcoin, selling common shares yields less token exposure per unit of dilution. That is why the premium’s move from over 8x in June to about 2x now is central to the calculus. Preferred shares address this by offering a defined payout and a senior claim on dividends without expanding the voting pool in the same way. Meanwhile, the $884 million overseas offering can pull in a different base of buyers who are comfortable underwriting the accumulation plan. The mix lets Bitcoin Proxy’s Chief keep the balance sheet flexible while the firm aims for the 100,000-Bitcoin mark in the stated timeframe.
How the market setup ties to treasury peers
Strategy recently eased stock-sale limits to speed up Bitcoin purchases, a reminder that the playbook across treasuries is to adapt issuance to market conditions. For Metaplanet, the combination of moving strike warrants, a paused exercise window, a large overseas sale, and a preferred authorization seeks to reproduce that adaptability within a Japanese listing environment where preferred stock is less common. The approach keeps the firm positioned among the top treasuries as it tracks a cohort of more than 170 public holders that together manage over $111 billion in Bitcoin.
Conclusion
Metaplanet’s pivot rests on three dated anchors: a 54% share pullback from June 16 to August 29, a $884 million overseas offering announced on Wednesday, and a September 1 vote to authorize 555 million preferred shares with up to ¥555 billion of capacity at a maximum 6% dividend and an initial cap equal to 25% of Bitcoin holdings. The pause on Evo exercises from September 3 to September 30 is the bridge between the old flywheel and the new mix. Bitcoin Proxy’s Chief is aligning structure with timing so that accumulation targets—100,000 Bitcoin by the end of next year and a further step in 2027—remain live even as the equity premium shifts. The execution now depends on how the offering prices, how preferreds price in a low-rate market, and whether the premium stabilizes at a level that supports steady token acquisition without leaning on heavy common dilution.
Disclaimer
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from any company.
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