Shareholders decide on a $884 million capital elevation scheme in Metaplanet, amidst a shortage of funds for fundraising.

Metaplanet Inc. Soars to Mid-Cap Status and Becomes World's Sixth-Largest Bitcoin Treasury Company

In a significant development, Metaplanet Inc. has been upgraded to mid-cap status by FTSE in September 2023, marking a new chapter in the company's growth trajectory. This upgrade comes as Metaplanet has become the world's sixth-largest public Bitcoin treasury company, with a total of 20,000 BTC in its holdings.

The past year has seen Metaplanet's Bitcoin holdings grow exponentially, with a staggering increase of 2,274% in the percentage of Bitcoin per share. This growth was particularly pronounced in the two months leading up to June, where Metaplanet saw a 160% surge in its Bitcoin holdings. However, since then, the growth has slowed down, with less than a 50% increase compared to the period from June.

Metaplanet's Bitcoin acquisitions have cost approximately $2.06 billion at an average price of $103,138 per bitcoin. The company's strategy has only increased its percentage of Bitcoin per share by 86% over the same period.

The slowdown in growth can be attributed to the reduction in capital available for Bitcoin purchases due to the slowing of Metaplanet's "flywheel" financing mechanism. Despite this, Metaplanet has announced its ambitious goal to own 210,000 BTC by 2027.

In a notable move, Metaplanet has also announced a new mission to pioneer a new theory of credit in Japan. This initiative, combined with the company's impressive growth in Bitcoin holdings, has caught the attention of industry leaders. Eric Trump, for instance, attended Metaplanet's meeting and praised Simon Gerovich's leadership.

Metaplanet's stock has seen a downturn, with a 54% decline since mid-June. On Monday, the stock traded between $5.44-$5.92 (¥828-¥900) and closed at $5.65 (¥831), down 5.46%. However, shareholders approved an $884 million capital raising proposal on the same day, indicating continued confidence in the company's future.

In a further development, Metaplanet announced during Monday's meeting that it had acquired 1,009 BTC for approximately $112.2 million. Bitcoin trading is currently near $109,000. Riot Platforms, previously a leader in Bitcoin holdings, has been surpassed by Metaplanet in this regard.

As Metaplanet continues to expand its Bitcoin holdings and embark on new initiatives, it remains to be seen how the company will navigate the dynamic and rapidly evolving world of cryptocurrency.