Metaplanet Raises $1.4B in International Offering to Purchase Bitcoins

TL;DR

• Japanese-based Metaplanet has raised $1.4 billion to fund its ongoing Bitcoin stacking campaign.

• The company will offer the stock to international buyers at JPY 553 (~$3.75) per share.

Metaplanet Raises $1.4 Billion to Buy More Bitcoins

Japan-based bitcoin treasury company Metaplanet announced on Tuesday that it will issue 385 million new shares as it looks to achieve its 30k Bitcoin campaign before the end of the year.

Metaplanet revealed that its board of directors approved a new international offering of stock a few days ago. The company will offer the stock to international buyers at JPY 553 (~$3.75) per share, raising about $1.4 billion. The company added in its filing that, 

"The estimated net proceeds of JPY 204,123 million from the International Offering are expected to be applied to: (i) Purchase of Bitcoin: JPY 183,711 million [$1.2 million] (ii) Bitcoin Income Generation Business: JPY 20,412 million [$138,000]." 

Currently, the company holds just over 20,100 Bitcoins, making it one of the largest corporate Bitcoin holders in the world. The company generates extra revenue by trading Bitcoin options. It reportedly earned JPY 1,904 million in sales revenue from this business in the second quarter of the year.

This latest announcement comes barely 24 hours after the company revealed that it purchased an additional $15 million in bitcoin, bringing its total holdings to 20,136 BTC. Its latest purchase makes Metaplanet the sixth-largest publicly traded bitcoin treasury company behind Strategy, Mara, XXI, Bitcoin Standard Treasury Company, and Bullish.