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Metaplanet To Raise $62 Million To Buy More Bitcoin, Calls Adding BTC ”Urgent”

Metaplanet To Raise $62 Million To Buy More Bitcoin, Calls Adding BTC ”Urgent”

InsidebitcoinInsidebitcoin2024/11/29 13:22
By:Insidebitcoin

Investment firm Metaplanet, known as Japan’s MicroStrategy, plans to raise over $62 million to buy more Bitcoin via the issuance of stock acquisition rights, and said that adding more BTC to its holdings is “urgent.”

In a Nov. 28 statement, Metaplanet said “we recognize the urgent importance of increasing our Bitcoin holdings and have therefore decided to proceed with this fundraising initiative.” The company currently holds 1,142 Bitcoin,

Metaplanet To Raise $62 Million To Buy More Bitcoin, Calls Adding BTC ”Urgent” image 0

Metaplanet Notes BTC’s Growing Prominence While The Yen “Continues To Depreciate”

Metaplanet said in its statement that it would issue a 12th Stock Acquisition Rights to the Cayman Islands-based EVO Fund through a third-party allotment of 29,000 units.

“The majority of the funds raised this time will be strategically allocated for the purchase of additional Bitcoin ,” Metaplanet said in its statement. The investment firm then noted the leading crypto’s prominence, which it says “continues to grow.”

Meanwhile, the “Japanese yen continues to depreciate,” it said, adding that it will “systematically increase” its BTC holdings.

The company’s increased push for BTC follows the all-time high of $99,645.39 the crypto set on Nov. 22. The USD/JPY exchange rate returned to the “154 level on the same day, presenting ongoing concerns,” Metaplanet said in the statement.

If the stock acquisition is approved under Japan’s Financial Instruments and Exchange Act, it would run between Dec. 16 and June 16, 2025. 

Metaplanet Stock Up 2,150% Year-To-Date

Metaplanet first revealed its plans to buy Bitcoin in April. The investment firm’s most recent Stock Acquisition Rights was in October, and resulted in a total raise of $66 million. These funds were then allocated toward the purchasing of Bitcoin. 

The company’s Bitcoin purchases throughout the year have been accompanied by a steep rise in Metaplanet’s stock price. Year-to-date, Metaplanet’s stock is up 2,150%, according to Google Finance data .

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