Metaplanet Stock Falls 5% Despite Surpassing 20,000 BTC Holdings

Metaplanet stock faced significant selling pressure on September 1, despite announcing a purchase of 1,009 BTC, bringing its total holdings to 20,000 BTC. The company is now at 66% of its goal to reach a 30,000 BTC treasury by year-end.

Reasons for Stock Decline Amid Bitcoin Purchases

Metaplanet's stock has been sideways, testing support at 830 JPY after a 5.4% correction.
The decline is attributed to internal funding mechanisms rather than broader market weakness.
The firm uses a "flywheel model," where rising share prices trigger warrants with financing partner Evo Fund, generating capital for Bitcoin purchases.
Stock prices have fallen nearly 54% since June, collapsing the premium over Bitcoin holdings.
Metaplanet aims to raise $884 million through overseas share offerings and seeks approval to issue up to 555 million preferred shares for potentially $3.8 billion to expand Bitcoin holdings.
Market capitalization has decreased from more than eight times the value of its Bitcoin portfolio to roughly twice that value, raising concerns about shareholder dilution.

Current Status of Bitcoin Holdings

Metaplanet's total Bitcoin portfolio stands at 20,000 coins, acquired at a cost of approximately $2 billion.
Following recent purchases, Metaplanet surpasses Bitcoin miner Riot platform in BTC holdings.
Bitcoin price remains under pressure, trading below $108,000, down over 15% from all-time highs.
Short-term Bitcoin indicators show bearish signals with a potential capital rotation from BTC to ETH.