Metaplanet (3350), the largest Japanese bitcoin (BTC) treasury company, plans to raise a net 204.1 billion yen ($1.4 billion) in an international share sale to bolster its holdings of the largest cryptocurrency.

The Tokyo-based company, which already owns 20,136 BTC and has the sixth-largest stash among publicly traded companies worldwide, said it priced the 385 million new shares at 553 yen each. Its stock surged 16% to 714 yen on Wednesday on record trading volume.

Nakamoto Holdings (NAKA), a bitcoin treasury company founded by David Bailey, a crypto adviser to President Donald Trump, said in a separate announcement that it committed buy $30 million of the new shares. NAKA shares soared 77% on Tuesday.

Metaplanet said it will allocate 183.7 billion yen of the proceeds toward bitcoin p

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