Raking in 10 billion yen behind the scenes of Metaplanet's stock decline! Unmasking EVO Fund, the "mysterious alchemist" that binds companies with lock-up clauses (^o^)♪

*From a Diamond Online article dated October 2025

Bitcoin treasury strategy, where listed companies acquire large amounts of Bitcoin. Metaplanet, known as the representative stock for this strategy, has seen its share price decline. Although it achieved a share price of 1,900 yen and a market capitalization exceeding 1 trillion yen in June of this year, it has been on a downward trend since then, with the price even falling below 400 yen earlier this month.

　The main factor behind the stock price decline is the sale of shares by EVO FUND. EVO FUND short-sold at high levels and then sold off a large number of shares obtained through MS Warrants (new share subscription rights with exercise price adjustment clauses), thereby driving down the stock price.As analyzed in Special Feature #1, it is estimated that EVO FUND generated profits nearing 10 billion yen with virtually zero initial capital over a period of just three months through these series of transactions.

Fundamentally,the surge in Metaplanet's stock price was a bubble phenomenon caused by investors who misunderstood the fictitious Bitcoin treasury strategy.EVO FUND made hefty profits by taking advantage of this situation, as it was able to borrow a large volume of shares from Mr. Simon Gerovich, the major shareholder and President, while simultaneously having Metaplanet issue MS Warrants on favorable terms.

EVO FUND received allocations of MS Warrants equivalent to 765 million shares—more than twice the total number of issued shares—from Metaplanet during the capital increases in January and June of this year. If all warrants were exercised, the dilution rate of voting rights per share would exceed 200%, representing massive dilution far above the 25% threshold generally considered harmful to existing shareholders' interests.

Metaplanet also issued MS Warrants with a dilution rate exceeding 200% to allocatees including EVO FUND in 2023. Typically, issuers avoid massive dilution that harms existing shareholders' interests, but Metaplanet has habitually engaged in repeated large-scale financing.

Why is Metaplanet subservient to EVO FUND? One background factor is that the company was once under the control of EVO FUND. In 2022, EVO FUND acquired shares equivalent to a 70% voting rights ratio from Mr. Gerovich's personal company. It was after this that Metaplanet entered the crypto asset business, such as Web3.

US-based EVO FUND acquired management rights of Ace Trading, a Japanese futures broker, around 2011 and fully entered the Japanese emerging market. Since then, it has underwritten financing for numerous low-priced stocks. Looking at these cases,The tricks of the "alchemist" who turns struggling companies into stage props for alchemy are being exposed。

[Comment from Masao(^o^)♪]

The market cap of 1 trillion yen was just a fantasy created by Evo Fund /(^o^)\\

It's completely a manipulated stock

And now, mysterious creditors are circling in, so it looks like all the Bitcoin held as equity by ordinary shareholders is about to be seized /(^o^)\\

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