Bitcoin “Flywheel” Strategy Faces Pressure, Eric Trump Suggests Vote on Metaplanet’s $884 Million Refinance Plan

As Bitcoin struggles with price weakness in late August 2025, listed companies holding large BTC reserves are under renewed scrutiny.

Among them, Metaplanet Inc. (TSE: 3350), often dubbed “Japan’s MicroStrategy,” has drawn attention with its aggressive accumulation strategy and complex financing maneuvers.

Metaplanet’s stock has fallen over 50% since mid-June, highlighting the strain on its “Bitcoin flywheel” model that relies on rising equity valuations to fuel further BTC purchases.

The company plans to raise approximately $884 million through an overseas share sale and will vote at a shareholder meeting in Tokyo on September 1 on issuing up to 550 million preferred shares, potentially raising as much as $3.8 billion in total, with most of the funds earmarked for expanding its Bitcoin treasury.

Metaplanet aims to increase its holdings to 100,000 BTC by the end of 2026.

Expanding Bitcoin Reserves

• On August 31, Metaplanet disclosed the purchase of an additional 1,009 BTC, bringing its total holdings above 20,000 BTC.

• Data from BitcoinTreasuries.net shows Metaplanet has now overtaken Trump Media & Technology Group (15,000 BTC) and mining firm Riot Platforms (19,239 BTC), ranking as the sixth-largest public company Bitcoin holder.

Shareholder Vote and Eric Trump’s Role

The September 1 shareholder meeting in Tokyo, where the overseas share issuance plan will be voted on, was reportedly suggested by Eric Trump, who has served as a strategic advisor to Metaplanet since March 2025. He is expected to attend, drawing additional political and media attention.

In parallel, major backer EVO FUND exercised 27.5 million Series 20 warrants (14.86% of the total) between August 14–26. Proceeds were partly used to redeem ¥5.25 billion of Series 19 bonds, adding to a cumulative redemption of ¥21 billion in recent months. Following the issuance, Metaplanet’s total outstanding shares rose to 739.7 million, with 46 million shares still tied to unexercised warrants.

Risks, Ambitions, and the Road Forward

Analysts warn that Metaplanet’s expansion remains highly dependent on external financing and equity performance. Prolonged Bitcoin weakness could disrupt its fundraising flywheel, posing liquidity risks. A similar situation occurred with MicroStrategy, where investors filed a class action alleging the Bitcoin treasury company had misled them.

Still, surpassing 20,000 BTC places Metaplanet among the world’s top corporate Bitcoin holders, underscoring its ambition to become Asia’s answer to MicroStrategy.

The outcome of the September 1 shareholder vote, influenced in part by Eric Trump’s involvement, will be pivotal for the company’s next phase of Bitcoin accumulation and its positioning in global crypto markets.