Metaplanet to Issue 385M Shares, Raise $1.44B to Buy Bitcoin

Japan’s BTC treasury firm pushes ahead despite stock slump and dilution risks

Japanese hospitality and real estate group Metaplanet, now a Bitcoin treasury firm, announced plans to issue 385 million new shares to raise 212.9 billion yen ($1.44 billion). The shares, priced at 553 yen ($3.75) — a 9.9% discount to its latest close — will be sold internationally.

Funds will be settled on Sept. 16 and credited to investors on Sept. 17. Proceeds will be used to acquire additional Bitcoin between September and October and expand BTC income-generating businesses, mainly through options trading. Metaplanet already holds 20,137 BTC.

The company first pivoted to Bitcoin in 2024 as a hedge against inflation and Japan’s mounting debt. While its stock soared over 150% last year, shares have dropped nearly 39% in the past month, even as the Nikkei gained 1.7%. Analysts warn that shrinking NAV premiums could amplify volatility across listed Bitcoin treasury companies.

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