Metaplanet raises ¥10 billion through a stock sale to fund Bitcoin purchases, leverage options, and expand its cryptocurrency reserves.
In a major development, Metaplanet has successfully raised ¥10 billion (approximately $68 million) through a stock sale to fund its next massive Bitcoin purchase. The company concluded its 11th series of Stock Acquisition Rights earlier today. This move is part of Metaplanet’s strategy to follow in MicroStrategy footsteps, using stock sales to build its Bitcoin holdings.
In this latest round, 13,774 individual shareholders exercised their rights to participate and contributed to the total amount of ¥10 billion. The stock sale also engaged large institutional investors like BlackRock. It proves that more companies are interested in Bitcoin. Somin Gerovich, CEO at Metaplanet, explained that the company has also granted the unexercised rights to EVO FUND. All rights transferred to EVO FUND will be exercised on or before October 22, 2024. The funds raised will reach ¥10 billion once all the strategy measures are implemented to the maximum.
Metaplanet Continues Bitcoin Purchases
Metaplanet has been on a Bitcoin buying frenzy in the last few months as the firm expands. The company has acquired more than 850 BTC since May 2024. This aligns with a broader plan of amassing more bitcoins, especially since the price is still low and has not hit the $70000 mark.
To improve its Bitcoin acquisition model even more, Metaplanet is looking for new ways to finance itself. The company has recently used Bitcoin options with QCP Capital and generated over $2 million in profit from this approach. This partnership shows how Metaplanet is keen on building up its Bitcoin reserves as the market becomes unpredictable.
Metaplanet’s attack on buying Bitcoin reflects other trends in traditional markets, where stock sales are already associated with the “Bitcoinization” of conventional assets. Bitcoin is still hovering at the $69,000 level and under pressure there. On the other hand, Metaplanet is still dedicated to buying more green digital tokens while the opportunity lasts.
Ultimately, Metaplanet’s aggressive strategy positions it as a key player in the growing trend of corporate Bitcoin adoption. By leveraging stock sales and Bitcoin options, the company is effectively building its reserves in an unpredictable market. As the firm continues to expand, it remains committed to capitalizing on market opportunities. With its focus on long-term growth, Metaplanet is poised to be a leading force in the evolving cryptocurrency landscape.
