Metaplanet Inc. shareholders reportedly approved an $884 million capital raising proposal on Monday, as the Japanese Bitcoin treasury company battles a financing crunch triggered by its stock plummeting 54% since mid-June.

Three people who attended the extraordinary shareholder meeting in Tokyo’s Shibuya district confirmed the capital-raising plan passed, according to Reuters.

The proposal allows Metaplanet to sell up to 550 million new shares overseas alongside issuing preferred stock.

The financing scramble threatens t

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