Metaplanet, often dubbed “Japan’s MicroStrategy,” has approved plans to raise $884 million in fresh capital while simultaneously exploring a much larger $3.8 billion preferred stock issuance. The move comes at a time when its once-powerful “Bitcoin flywheel”—a strategy where surging stock value funds ever-larger Bitcoin purchases—has slowed as investor premiums on its shares shrink.

Metaplanet, a Tokyo-listed Japanese investment firm, has significantly increased its Bitcoin holdings by purchasing an additional 1,234 BTC for approximately $132.7 million. This latest acquisition brings the company’s total Bitcoin stash to 12,345 BTC, making it one of the largest corporate holders of the cryptocurrency globally.