Metaplanet plans to issue 385 million new shares to expand its Bitcoin holdings and related businesses, raising an estimated $1.44 billion through an international offering at a 9.9% discount. The move follows a string of Bitcoin purchases that have made Metaplanet one of the world’s largest public BTC holders.

The payment date for the new shares is set for Sept. 16, with funds transferring on that day and delivery following on Sept. 17. The proceeds from the offering will be used to purchase additional Bitcoin as a hedge against the depreciation of the Japanese yen and to expand the company’s Bitcoin income-generating business.

Despite being officially classified as a hotel operator, Metaplanet has been pivoting towards digital assets for over a year. The company unveiled its Bitcoin treasury strategy in 2024 and has since repeatedly raised capital to acquire BTC, leading to shareholder dilution.

Metaplanet’s stock has surged over 150% in the past year due to its Bitcoin strategy but has fallen nearly 39% in the last month. Analysts warn that narrowing premiums could pose a risk to Bitcoin treasury companies, with the premium gap compressing recently. However, the strategy of digital asset treasury models continues to gain traction.

Public companies now collectively hold over 1 million BTC, with some treasuries also expanding into altcoins like Ethereum and Solana. Eleven companies control over $14.7 billion worth of ETH. The trend of digital asset treasury companies diversifying into other cryptocurrencies is on the rise.

Read more at Cointelegraph: Metaplanet Plans to Raise $1.44B in New Share Offering for Bitcoin