Japan Bitcoin Proxy Seeks $880 Million From Overseas Shares (1)

Japan’s Metaplanet Inc. plans to raise ¥130.3 billion ($880 million) by issuing new shares in overseas markets in its latest bid to secure cash to buy Bitcoin after a stock slump.

The estimated net proceeds are from selling 180 million shares in an underwritten offering, according to a statementon Wednesday. Metaplanet also has an option to increase the size of the sale by up to 375 million shares, the company said.

The amount raised from the international offering will be used to fund Bitcoin purchases, as well as options trading on the cryptocurrency, the statement said.

Metaplanet will price ...