Japanese Bitcoin (BTC) treasury firm Metaplanet (MTPLF) is adding to its bet, announcing that it plans to accumulate nearly $1 billion more.
In a post on X, the company announces its plan to gobble up $837,000,000 worth of the top crypto asset by market cap via raising funds in an international stock offering.
Says the firm,
“The primary objective of the international offering is to acquire a large amount of BTC in a short period of time and significantly expand Bitcoin NAV (Bitcoin net asset value), and the company plans to allocate the amount of funds to be raised primarily for the purchase of BTC.
By doing so, the company aims to maximize the number of BTC per share and BTC yield.”
According to the firm, the stock offering will be available for those living outside of Japan in September and will have restrictions for US customers.
In another X post, former Goldman Sachs executive and Metaplanet’s current chief executive, Simon Gerovich says that due to legal restrictions, the firm cannot comment any further.
Metaplanet was originally established in 1999 as a music and hotel company before it switched its focus to accumulating BTC in 2024.
It currently has the seventh-largest Bitcoin treasury in the world, holding 18,991 BTC valued at $2.13 billion.
Bitcoin is trading for $111,930 at time of writing, a 2% increase during the last 24 hours, while MTPLF is valued at $6.12.
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