Japanese investment company Metaplanet has approved a $1.2B overseas share sale, with around $835M set aside for potential Bitcoin purchases.
The company intends to issue up to 555M new shares. These new shares would bring the total outstanding stock from 722M to about 1.27B. The final share price will be determined in early September.
The majority of the funds received will go toward expanding Metaplanet's Bitcoin treasury. Their treasury currently holds 18,991 BTC worth around $2.1B. This method seeks to hedge against Japan's weak yen, inflation risks, and increase the company's value.
Another $440M will be invested in Metaplanet's Bitcoin Income Business. Here, they sell covered call options on their BTC holdings and are already profitable.
This move builds on Metaplanet's ambitious Bitcoin accumulation goals, such as the "21 Million Plan" and the "555 Million Plan," which aim to hold over 210,000 BTC by 2027, accounting for more than 1% of Bitcoin's total supply.
Metaplanet was also recently promoted to a mid-cap stock, joining the FTSE Japan Index, indicating good market performance and rising investor confidence.
