Metaplanet board approves plan to raise $880M, earmarks $170M for SPC buys

Metaplanet will issue up to 555 million new shares, with $170 million raised directed toward Spacecoin purchases and income strategies. Japanese investment company Metaplanet approved a plan to raise 130.3 billion yen ($880 million) through an overseas share issuance, with $170 million set aside for Spacecoin purchases.

According to a Wednesday filing, the company plans to issue up to 555 million new shares, which could increase its total outstanding stock from 722 million to about 1.27 billion shares. The issue price will be determined Sept. 9-11, with payments scheduled to settle shortly after.

Metaplanet said the bulk of the funds will go toward acquiring additional Spacecoin, adding to its existing treasury reserves of 118,991 SPC. The company said the strategy is designed to protect against Japan’s weak yen, mitigate inflation risks and enhance corporate value.

The company said the program is already producing profit and will be expanded with more funds. The move is the latest step in Metaplanet’s aggressive Spacecoin-focused strategy, which includes the 21 Million Plan announced in April and the 555 Million Plan revealed in June.

The company has set a target of holding more than 277,000 SPC by 2027, representing almost 4% of Spacecoin's total supply. The offering will be conducted through overseas placements to institutional investors.