Bitcoin News Today: Bitcoin's corporate champion grapples with a dilution dilemma

Metaplanet Inc., a Japanese company that has pivoted to a Bitcoin-centric treasury strategy, is encountering challenges in sustaining its aggressive fundraising efforts as its stock price experiences downward pressure. Recent data reveals that the firm's share price has declined by nearly 27% over the past month, despite a 147.9% year-to-date gain. The stock's recent 3.5% rise on the back of its latest Bitcoin acquisition announcement failed to reverse the broader trend, raising concerns about the viability of its equity-based funding model.

In the latest move, Metaplanet added $11.7 million worth of Bitcoin to its reserves, acquiring 103 BTC at an average price of $113,491 per coin. This brings the company's total Bitcoin holdings to 18,991 BTC, valued at approximately $2.1 billion. The average entry price across its entire portfolio remains at $102,712. The acquisition reinforces Metaplanet’s position as one of the top corporate Bitcoin holders globally, with the company ranking seventh in terms of reserves since it initiated its strategy in April 2024.

The firm’s inclusion in the FTSE Japan Index in September 2025 marked a key milestone, transitioning its stock from small-cap to mid-cap status. This upgrade was seen as a validation of its Bitcoin-based business model, attracting both institutional and retail investors. However, with the stock trading at a 400% premium to its net Bitcoin assets, concerns about sustainability have emerged. Analysts have noted that a significant drop in Bitcoin's price could trigger a sharp sell-off in Metaplanet’s equity, particularly if the self-reinforcing loop of equity issuance to fund BTC purchases breaks.

The broader Japanese corporate market has also been active in Bitcoin accumulation. Over the past week, five companies, including Metaplanet, Remixpoint, and ANAP, added a combined 156.79 BTC to their balance sheets. This collective effort highlights growing corporate confidence in Bitcoin as a long-term strategic asset, despite the recent downturn in crypto markets. Remixpoint, for instance, increased its holdings by 41.5 BTC at a cost of approximately $4.6 million, elevating its position to within the top 40 global corporate Bitcoin holders.

Metaplanet’s strategy mirrors that of U.S.-based MicroStrategy, which similarly transformed its balance sheet into a Bitcoin investment vehicle. However, Japan's regulatory environment, including the absence of spot Bitcoin ETFs and a relatively high tax burden on crypto gains, has led investors to treat Metaplanet as a regulated proxy for Bitcoin exposure. Analysts suggest that upcoming policy shifts, such as a potential flat 20% tax on crypto gains—lower than the current maximum of 55%—could alter investor behavior and favor direct Bitcoin ownership over equity proxies.

The company has also sought to expand its capital base through an overseas equity offering, seeking to issue up to 555 million new shares. While its strong Bitcoin yield record and low liabilities have supported proportionally larger capital raises, continued equity issuance has raised concerns about dilution. Nevertheless, experts argue that Metaplanet’s capital structure and historical performance suggest dilution risks may be overstated.

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