Metaplanet Inc. shareholders approved an $884 million capital raising plan as the Tokyo-based Bitcoin treasury company faces financial challenges with its stock down 54% since mid-June. The approved proposal allows for the issuance of up to 550 million new shares overseas alongside preferred stock. This follows a slowdown in the company's stock-dependent 'flywheel' financing mechanism, which significantly relied on rising share prices to fund Bitcoin purchases. Amid this turmoil, CEO Simon Gerovich announced during the meeting that the company had acquired 1,009 BTC for approximately $112.2 million, boosting its total Bitcoin holdings to 20,000 BTC and achieving an impressive 486.7% yield year-to-date. Despite the challenges, Metaplanet was elevated to mid-cap status in the FTSE Japan Index, a move expected to solidify its standing in mainstream financial markets. However, analysts warn that without successful capital raising, Metaplanet may struggle to achieve its ambitious goal of holding 100,000 BTC by 2026.

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