Metaplanet, a company in Tokyo that has been buying a lot of Bitcoin, is now facing money problems. Since mid-June, its stock has dropped 54%, even though Bitcoin’s price has gone up a little.

The company was using a plan where it could raise money when its stock went up. But now that the stock is down, that plan isn’t working. Its main investor, Evo Fund, no longer finds it profitable to buy more shares using special warrants.

Metaplanet currently owns 18,991 bitcoins, making it one of the biggest public holders of Bitcoin in the world. It had big plans to buy up to 210,000 bitcoins by 2027—but now, that goal is in question.

To raise more money, Metaplanet plans to:

• Sell $880 million worth of new shares overseas.

• Ask shareholders to approve new preferred shares that could raise up to $3.7 billion. These shares would give investors a 6% yearly dividend and are seen as safer in case the stock drops more.

Experts warn that the company’s success depends on its “Bitcoin premium”—how much more valuable the company is compared to the bitcoin it holds. That premium has dropped a lot since June, making it harder to convince investors.

Still, there was some good news. Metaplanet was recently added to the FTSE Japan Index after being upgraded to a mid-cap stock, thanks to its strong performance earlier this year.

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