Japanese investment firm Metaplanet has unveiled plans to raise over $62 million (9.5 billion yen) through a stock acquisition initiative to bolster its Bitcoin treasury. The company, holding 1,142 BTC valued at $109 million, emphasizes that this move aligns with its corporate strategy to counter the yen’s devaluation.
According to a statement released on November 28, Metaplanet disclosed its 12th Stock Acquisition Rights issuance to the Cayman Islands-based investment firm EVO Fund. This issuance, comprising 29,000 units through a third-party allotment, will give EVO Fund the right to purchase company stock starting December 16.
Strategic Allocation for Bitcoin Acquisition
Metaplane intends to allocate most of the funds raised to buy more Bitcoin. The company pointed out that it leverages debt and raises money on regular stock issuances to consistently accumulate Bitcoin. On the other hand, the weakening yen is providing a natural hedge against it. The yen fell to a record low of 154 per U.S. dollar, thus triggering the strategic movement.
If fully subscribed, the initiative could raise 9.5 billion yen, enabling the purchase of approximately 652 BTC at the current price of $95,000. This follows Metaplanet’s October effort, which raised $66 million to acquire BTC, underlining its aggressive Bitcoin-first treasury approach.
Metaplanet now focuses on BTC as cryptocurrency prices are high, with BTC reaching a new all-time high of $99,645.39 on November 22. Noting the asset’s potential, the company has put its metaverse operations on the backburner due to challenges with profitability and is instead redirecting resources to BTC acquisitions.
The company’s stock price has gained more than 1,365% within the last 12 months, showing the investors’ adherence to the strategy. But it is still far from the top, which was $2,521.76 in 2013. Metaplanet has also obtained licensing rights for Bitcoin Magazine in Japan, thus ensuring its continued efforts to help develop the country’s Bitcoin ecosystem.
Expansion in Blockchain Leadership
Metaplanet’s Bitcoin-centric approach has earned it recognition as “Asia’s MicroStrategy.” Furthermore, the corporation’s addition to the Amplify Transformational Data Sharing ETF (BLOK) enhances its title as Japan’s main Bitcoin treasury. Jeremy Gerovich, the CEO, sees this as a demonstration of Metaplanet’s supremacy in blockchain investment.
The 12th Stock Acquisition Rights program, under the Japan Financial Instruments and Exchange Act, will last from December 16, 2024, to June 16, 2025. Due to its successful implementation, the company will emerge as one of the biggest BTC holders in Japan, which will, in turn, affect regional corporate treasury trends.
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