Japanese listed company Metaplanet's stock price plummets as its Bitcoin strategy faces financing difficulties

ChainCatcher news, according to Cointelegraph citing Bloomberg, the stock price of Japan's Bitcoin treasury company Metaplanet has plummeted by 54% since mid-June, and its stock-based "flywheel" mechanism has "failed," forcing the Tokyo-listed company to seek alternative financing methods.

Metaplanet recently plans to raise approximately 130.3 billion yen (about 880 million USD) through a public offering of shares in overseas markets. Additionally, shareholders will vote on Monday to decide whether to approve the issuance of up to 555 million preferred shares, which is a rare investment tool in Japan and could raise up to 555 billion yen (about 3.7 billion USD) in funds.