Shares in Japanese hotel developer turned bitcoin investor Metaplanet soared on Monday after it unveiled plans to raise about $5.4bn to add to its already large stockpile of the cryptocurrency.
The company said on Friday it wanted to raise the funds to increase its bitcoin holdings more than twenty fold to 210,000 by the end of 2027, a hoard of 1 per cent of the total supply of the cryptocurrency that would be worth $22bn at current prices.
The Japanese group underwent “a strategic pivot” to the cryptocurrency in 2024, turning, in the words of its chief executive Simon Gerovich, from “hotelier into hodler” and becoming a bitcoin treasury company.
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