Faced with plunging stock, Metaplanet announces 385M share offering to buy BTC
Japan’s Metaplanet aims to raise $1.44 billion to expand Bitcoin holdings and income business amid dilution risk.
Metaplanet, the Japanese hospitality and real estate group turned Bitcoin treasury company, said Tuesday it will issue 385 million new shares to expand its Bitcoin holdings and related businesses.
The shares will be sold through an international offering outside Japan at 553 yen ($3.75) each, raising an estimated 212.9 billion yen ($1.44 billion), the company said. The issue price represents a 9.9% discount to Metaplanet’s Tuesday closing price of 614 yen.
The payment date is set for Sept. 16, when underwriters and investors will transfer funds to the company. The delivery date follows on Sept. 17, when the new shares will be credited to investors.