The funding is expected to close on September 16, with shares delivered the next day.
Nakamoto, a subsidiary of KindlyMD, has committed up to $30 million to join Metaplanet’s global equity offering.
Key Takeaways:
This marks the firm’s largest investment to date and also its first stake in an Asian public company with a Bitcoin-focused treasury strategy, according to a Tuesday announcement.
The funding is expected to close on September 16, with shares delivered the next day.
On Monday, the firm announced the acquisition of an additional 136 BTC for $15.2 million, bringing its total to 20,136 BTC, placing it sixth among public companies globally in terms of Bitcoin reserves.
Metaplanet, listed on the Tokyo Stock Exchange, plans to issue 385 million new shares, aiming to raise $1.4 billion primarily to expand its Bitcoin holdings.
Last month, Metaplanet shareholders approved a plan to issue 550 million new shares, raising about 130.3 billion yen ($884 million) as the company seeks fresh capital to expand its Bitcoin holdings.
At the meeting in Tokyo, the firm confirmed most of the proceeds will be directed toward cryptocurrency purchases.
The move follows KindlyMD’s August merger with Nakamoto Holdings, shifting the company into a hybrid model combining healthcare services with digital asset investment.
KindlyMD’s stock (NAKA) surged 77.2% on Nasdaq Tuesday, closing at $8.08, despite being down 43.4% over the past month.
The stock remains up more than 550% year-to-date, driven largely by investor enthusiasm around its crypto-focused strategy.
The expansion comes as Metaplanet faces pressure on its financing strategy.
Gerovich, a former Goldman Sachs derivatives trader, recently said the firm has relied on “moving strike warrants” issued to Evo Fund to generate cash for Bitcoin purchases.
The approach, which Gerovich dubbed the “flywheel,” allowed the company to raise funds at low cost while its stock was climbing.
Additionally, the model has faltered as shares retreated. After soaring more than 740% over the past year, Metaplanet’s stock has fallen 54% since peaking in mid-June, even as Bitcoin has risen 2% in the same period.
The slowdown has curbed accumulation, with Bitcoin holdings growing by 160% in the two months through June but less than 50% since.
