Metaplanet Raises $66.2M for Bitcoin Expansion Despite Market Volatility

[23/10/2024]
Metaplanet raised 10 billion yen for Bitcoin growth, achieving a 72.8% exercise rate with over 13,000 shareholders participating. The announcement came amid Bitcoin’s price dropping from $69,000 to $67,500 during early trading hours. Metaplanet’s strategic Bitcoin accumulation continues, with 861.387 BTC held, and plans for further purchases in the future.

Metaplanet, the Japanese Internet-listed company , recently had its 11th share acquisition rights issue as it seeks to stockpile Bitcoin after raising 10 billion yen, or $66.2 million. The move solidifies a plan to strengthen the company's position in the virtual currency market, as Bitcoin fell in early Asian trading.

Stock Acquisition Rights Exercise Finalized

On August 6 , Metaplanet announced a free allocation of share acquisition rights in the amount of 10.08 billion. Today, the company confirmed the achievement of this reaching an impressive exercise rate of 72.8%. More than 13,000 shareholders participated, contributing to the company's growth in cryptocurrency investment. The announcement coincided with a drop in the price of which briefly climbed to $69,000 before plunging further by $2,000 to $500 during the early hours of trading. Despite this, Metaplanet continues to view Bitcoin as a hedge against yen devaluation. 

The stock acquisition saw participation from major players, including BlackRock, the world’s largest asset manager. Additionally, Metaplanet has retrieved all unexercised rights and plans to transfer them as security sales to EVO FUND, a strategic financial partner.

The shareholders of Metaplanet have also stated the decision made by the company and their support for Simon’s Gerovich vision of the company’s Bitcoin future. He said, “We are grateful for the continued support that fuels our ambition to be a Bitcoin treasury service provider.”

Metaplanet’s Strategic Bitcoin Accumulation

  

Since April 2024, Metaplanet has been steadily purchasing Bitcoin, with each acquisition round averaging 1 billion yen. The company’s most recent purchase took place on October 15, acquiring 107 BTC valued at 1 billion yen. This brings Metaplanet’s total Bitcoin holdings to 861.387 BTC, worth over 8 billion yen.

The last acquisition of stocks has been recently completed at Metaplanet, the next step in its development plan is the next Bitcoin purchase. This they intend to achieve through a continued accumulation of more bitcoins in a bid to consolidate its position in the marketplace.

Sophie Nguyen