Bitcoin Proxy’s Chief Seeks Funding Fix as ‘Flywheel’ Falters

Simon Gerovich, who turned a struggling Japanese hotelier into a Bitcoin stockpiler and investor darling, is feeling the heat.

His company, Metaplanet Inc., has seen its stock halve in value since mid-June after soaring over 400% since the start of 2025. The swoon has jeopardized an unusual financing arrangement the firm previously relied on to generate capital for accumulating Bitcoin.

That’s got the Metaplanet president rushing to find a fix.

On Wednesday, the company announced plans to raise $884 million selling shares overseas in an underwritten offering, with an option to boost the size. Shareholders are set to ...