Metaplanet, a company that has transformed from a Japanese hotel and real estate group into a Bitcoin treasury firm, announced on Tuesday that it will issue 385 million new shares to expand its Bitcoin holdings and related businesses.
The company stated that these shares will be sold through an international offering outside of Japan at a price of 553 yen (3.75 USD) per share, expecting to raise 212.9 billion yen (1.44 billion USD). The offering price represents a 9.9% discount to Metaplanet's closing price of 614 yen on Tuesday.
The payment date is set for September 16, when underwriters and investors will transfer funds to the company. The settlement date is September 17, and the new shares will be credited to investors' accounts.
This move represents an equity issuance rather than a bond issuance—meaning there is no coupon rate. Instead, new shares are being sold, increasing the dilution risk for existing shareholders.
Metaplanet stated that the funds raised will be used to purchase additional Bitcoin (BTC) during September and October as a means to hedge against further depreciation of the yen and to expand the company's Bitcoin revenue-generating business, which has so far relied on trading BTC options.
This action follows a series of Bitcoin purchases that have pushed Metaplanet into the ranks of the world's largest public BTC holders, with 20,137 BTC on its balance sheet according to industry data.
Although Metaplanet is still officially classified as a hotel operator, it has been transitioning to digital assets for over a year. The company announced its Bitcoin treasury strategy in 2024 as a means to hedge against inflation, negative interest rates, and the long-term effects of Japanese government bonds. Since then, the company has repeatedly raised funds to acquire BTC—at the cost of further shareholder dilution.
Due to enthusiasm for its Bitcoin strategy, Metaplanet's stock price has surged over 150% in the past year. However, in the past month, shares traded in Japan have fallen nearly 39%, while the Japanese benchmark Nikkei index has risen 1.7% during the same period.
After an initial surge of enthusiasm, Metaplanet's Bitcoin strategy has begun to encounter resistance, with the much-touted "flywheel" effect losing momentum, according to Bloomberg Law. This slowdown has prompted the company to seek new sources of funding, particularly from global markets, which explains its latest stock issuance.
Analysts warn that narrowing premiums could become a key source of volatility for Bitcoin treasury companies. The premium gap refers to the difference between the stock price of Bitcoin treasury companies and their net asset value (NAV)—according to NYDIG's global research head Greg Cipolaro, this gap has recently compressed.
Nevertheless, the strategy continues to attract attention, with dozens of companies turning to digital asset treasury models.
Publicly listed companies now hold over 1 million BTC in total, and some treasuries have begun to expand into Ethereum (ETH), Solana (SOL), and other altcoins.
Related: Senate cryptocurrency bill adds provisions confirming tokenized stocks remain securities
Original article: “Facing a stock price plunge, Metaplanet plans to raise $1.44 billion through a new share issuance to purchase Bitcoin (BTC)”
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