Japanese investment firm Metaplanet has approved plans to raise $880 million through an international share offering, of which $837 million will be earmarked for Bitcoin purchases between September and October.
The company, listed on the Tokyo Stock Exchange, will issue up to 555 million new shares to institutional investors abroad.
The move expands Metaplanet’s existing Bitcoin treasury strategy, which currently holds 18,991 BTC worth approximately $2.1 billion, reports coinmarket.
The company aims to accumulate over 210 Bitcoins by 2027, representing more than 1 percent of the cryptocurrency’s total supply, through its ambitious expansion plans.
Metaplanet has been upgraded from small-cap to mid-cap status in the FTSE Russell index, gaining inclusion in the FTSE Japan Index and the FTSE All-World Index.
This places the firm alongside large global companies and increases its attractiveness to institutional investors.
The fundraising follows Metaplanet’s “Bitcoin Revenue Business” model, which generates revenue by selling covered call options on its BTC holdings.
Nearly $45 million in additional proceeds from the share sale will expand this income-generating strategy, designed to hedge against the weakening Japanese yen and inflation risks while building long-term value for the corporation in the Bitcoin treasury space. /Telegraph/
AloJapan.com