Metaplanet raises $127m to buy more Bitcoin—shares slip on dilution fears

Metaplanet Inc. approved a $127 million capital raise to accelerate its Bitcoin-buying strategy, but investors balked at the dilution, sending the stock down about 3.5% on the day.

Summary

Metaplanet will issue 24.53 million new shares at ¥499 each through a third-party allotment, raising roughly ¥12.24 billion ($127 million).

Most of the funds will go toward buying Bitcoin over the next two years.

Cantor Fitzgerald placed the offering with offshore institutional investors including Anson Opportunities Master Fund, Alyeska Master Fund, and Brookdale Global Opportunity Fund.