Metaplanet shares surge on $5.4 billion Bitcoin fundraising plan

Metaplanet Inc. (MTPLF) saw its shares jump on Monday following the announcement of an ambitious plan to raise approximately $5.4 billion to expand its Bitcoin (BTC-USD) holdings.

Metaplanet on Friday announced a stock acquisition rights program that it claimed is the largest in Japanese capital markets history, according to a post on X, News.Az reports, citing Bloomberg.

The firm, a hotelier-turned-Bitcoin-buyer, expects to accumulate 210,000 Bitcoin by the end of 2027, many times the 8,888 it currently holds. Its shares — which have proven highly volatile since it pivoted into crypto in early 2024 — rose as much as 22% on Monday morning in Tokyo, according to data compiled by Bloomberg.

Metaplanet is one of a growing cadre of listed entities around the world that emulate Michael Saylor’s Strategy, the software maker that has amassed more than $60 billion of the original digital asset. Such companies typically finance their purchases by selling equity and convertible notes to stock market investors.

In April, a special purpose acquisition company affiliated with Cantor Fitzgerald LP teamed up with Tether Holdings SA and SoftBank Group to form a Bitcoin accumulator named Twenty One Capital Inc., launching with nearly $4 billion of Bitcoin. More recently Trump Media & Technology Group Corp., President Donald Trump’s loss-making social media company that runs Truth Social, said it raised $2.32 billion to create a Bitcoin treasury

“Metaplanet and the rest of these companies are providing a new and material incremental source of buying demand for crypto coins and tokens and, for the time being, seem to be finding significant investor demand for their capital raises,” said Richard Galvin, co-founder of hedge fund DACM.

News.Az