Metaplanet said proceeds will be used for Bitcoin purchases, its Bitcoin income business, and partial debt repayment as it executes its capital strategy.
Tokyo-listed Bitcoin-focused company Metaplanet approved an overseas capital raise of up to $137 million, combining new common shares and stock acquisition rights as it looks to expand its Bitcoin holdings and reduce debt.
In a Thursday filing, Metaplanet said it plans to issue 24.5 million common shares at 499 Japanese yen per share, raising about 12.24 billion yen ($78 million) upfront. It also approved the issuance of 159,440 stock acquisition rights, representing up to 15.9 million additional shares, which could raise a further $56 million if exercised.
The warrants give investors the option to buy shares later at a fixed price above the current market level, and only over the next year. Both the shares and warrants will be sold privately to overseas investors, subject to routine closing conditions, according to the filing.
