Metaplanet, the Tokyo-listed agency now positioning itself as a bitcoin
-focused treasury firm, has launched a $5.3 billion plan to purchase extra BTC by issuing 555 million shares via inventory acquisition rights.
The deal, Metaplanet says, is the largest-ever issuance of inventory warrants in Japan and the primary time transferring strike warrants, the place the train value adjusts with the market, have been offered at or above present share costs within the nation.
The providing is a part of what the corporate calls its “555 Million Plan,” a follow-up to its earlier “21 Million Plan,” which raised $600 million earlier this yr and helped Metaplanet amass almost 9,000 BTC.
The brand new spherical goals to lift sufficient funds to spice up its holdings to over 210,000 BTC by 2027, roughly 1% of the full bitcoin provide.
Metaplanet is allocating almost 96% of the capital raised to purchasing bitcoin immediately, with smaller quantities earmarked for bond redemptions and income-generating methods like promoting put choices.
The corporate sees BTC as a hedge in opposition to Japan’s extended damaging rates of interest and weakening yen.
To scale back dilution and shield shareholders, the issuance comes with a minimal train value and provides the corporate the proper to quickly droop conversions. Shares will probably be offered to EVO FUND, a Cayman-based fund that has backed Metaplanet’s earlier financing offers.
Metaplanet’s shares have risen greater than 275% thus far this yr because the agency follows via with its BTC accumulation plan. They closed down 1.6% in Friday’s buying and selling session.
Learn extra: Metaplanet Acquires 1,088 Bitcoin to Carry BTC Stash to Over $930M
