Metaplanet, the Japanese hospital and real estate group that has become Bitcoin Treasury Company, said on Tuesday that it would issue 385 million new actions to extend its Bitcoin assets and its related companies.
Actions will be sold through an international offer outside Japan at 553 yen ($ 3.75) each, increasing around 212.9 billion yen ($ 1.44 billion), the company said. The issue price represents a discount of 9.9% compared to the Metaplanet Tuesday closing price of 614 yen.
The date of payment is set for September 16, when firm takers and investors transfer funds to the company. The delivery date follows on September 17, when the new shares are credited with investors.
This decision represents an equity supply, and not a emission of bonds – which means that there is no coupon rate. Instead, new actions are sold, increasing the risk of dilution for existing shareholders.
Metaplanet said the products will be used to buy additional Bitcoin (BTC) between September and October as an additional coverage of the Japanese Yen’s additional damping, and to extend the company’s Bitcoin revenue generation company, which has so far been based on BTC options.
This decision follows a series of Bitcoin purchases that have propelled Metaplanet into the ranks of the largest public BTC holders in the world, with 20,137 BTC on its balance sheet, according to industry data.
Although Metaplanet remains officially classified as a hotel operator, he has pivoted digital assets for more than a year. The company has unveiled its Bitcoin cash strategy in 2024 as coverage against inflation, negative interest rates and long -term effects of the national debt of Japan. Since then, he has repeatedly noted capital to acquire the BTC – at the cost of dilution of the shareholders.
Metaplanet’s actions have increased by more than 150% in the past year due to the enthusiasm for its Bitcoin strategy. However, during the last month, the shares negotiated in Japan dropped by almost 39%, even if the Japanese reference index Nikkei gained 1.7% over the same period.
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Bitcoin cash companies are facing rising risks
After an initial thrust of enthusiasm, Metaplanet’s Bitcoin strategy began to meet opposite winds, with the effect of very praised “steering wheel” by losing momentum, according to Bloomberg Law. This slowdown has prompted the company to seek new sources of financing, in particular in the world markets, which explains its latest actions broadcast.
Analysts warn that the narrowing of premiums could become a key source of volatility for Bitcoin cash companies. The premium difference refers to the difference between the course of the action of a Bitcoin cash company and its asset value (NAV) – a propagation which recently compressed, according to the global NYDIG research manager, Greg Cipolaro.
Nevertheless, the strategy continues to gain ground, with dozens of companies that translate to cash models of digital assets.
Public companies now hold more than a million BTC collectively, and some treasury bills have started to extend to ether (ETH), Solana (soil) and other altcoins.
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