Metaplanet Inc. has shareholder approval to raise up to $884 million through an overseas share sale, aiming to expand its Bitcoin holdings. The Tokyo-based company, once a hotel operator, is now one of the largest corporate holders of cryptocurrency.

An announcement on Monday revealed that Metaplanet added 1,009 Bitcoin, bringing its total to 20,000 coins worth over $2 billion. This purchase makes it the sixth-largest corporate Bitcoin holder globally, according to BitcoinTreasuries.net.

Metaplanet’s financing strategy, headed by ex-Goldman Sachs trader Simon Gerovich, faces challenges as stock prices decline. The company’s stock has fallen 54% since June, affecting its ability to accumulate Bitcoin. This slowdown is reflected in reduced growth in Bitcoin holdings.

To address the strain, Metaplanet has proposed issuing up to 555 million preferred shares, potentially raising as much as $3.8 billion. These shares offer dividend priority over common stock, appealing to Japanese investors in a low-rate environment.

Eric Trump, a board adviser, made a high-profile appearance at a recent Metaplanet event, praising Gerovich and endorsing Bitcoin as the ultimate global asset. The company has also suspended the exercise of Evo Fund warrants to prepare for upcoming financial moves.

Despite challenges, Metaplanet reported a 468% yield in the second quarter of 2025, with its treasury reaching 18,113 BTC worth $2.1 billion. The company plans to quadruple its holdings to 100,000 BTC by the end of next year as part of its ambitious “555 Million Plan.”

Analysts caution that the company’s strategy carries risks of dilution as stock values converge with the net asset value of Bitcoin. The company aims to stay ahead in the race to buy Bitcoin, with plans to further expand its holdings and revenue through digital assets.

Read more at Yahoo Finance: Metaplanet OKs $884M Raise, Eyes $3.8B Preferred While its Bitcoin ‘Flywheel’ Stalls