Metaplanet board approves plan to raise $1.2B, earmarks $835M for BTC buys
Metaplanet will issue up to 555 million new shares, with most of the $1.2 billion raised directed toward Bitcoin purchases and income strategies.
Japanese investment company Metaplanet approved a plan to raise 180.3 billion yen ($1.2 billion) through an overseas share issuance, with almost $835 million set aside for Bitcoin purchases.
According to a Wednesday filing, the company plans to issue up to 555 million new shares, which could increase its total outstanding stock from 722 million to about 1.27 billion shares. The issue price will be determined Sept. 9-11, with payments scheduled to settle shortly after.
Metaplanet said the bulk of the funds will go toward acquiring additional Bitcoin (BTC), adding to its existing treasury reserves of 18,991 BTC (valued at around $2.1 billion). The company said the strategy is designed to protect against Japan’s weak yen, mitigate inflation risks and enhance corporate value.