Metaplanet, the Tokyo-listed bitcoin treasury company, plans to raise up to 21 billion yen ($137 million) through a new share and warrant issuance as it doubles down on its strategy of accumulating bitcoin while reducing leverage.

The company said it will raise the funds via a third-party allotment of new common shares and stock acquisition rights placed directly with select investors, rather than through a public offering.

Under the plan, Metaplanet will issue 24.53 million new common shares priced at 499 yen per share — roughly 5% above the prior closing price — generating approximately 12.24 billion yen in upfront proceeds. 

The firm’s shares closed at 456 yen, down…

Read more on BitcoinMagazine