On August 31 (UTC+8), Metaplanet's stock price has fallen by 54% since mid-June, hindering its "flywheel" financing model that relies on rising stock prices to obtain funds through the exercise of warrants by 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 has announced plans to publicly offer shares in overseas markets to raise approximately 130.3 billion yen ($880.0 million), and will vote at a shareholders' meeting on whether to approve the issuance of up to 555.00 million preferred shares, which are expected to raise 555.0 billion yen ($3.7 billion). The preferred shares will offer a maximum annual dividend of 6%, capped at 25% of the company's Bitcoin holdings. Analysts point out that Metaplanet's Bitcoin premium has fallen from over 8x in June to just 2x, increasing the risk of strategic dilution. [Odaily]