Metaplanet to Raise $62 Million for Bitcoin Acquisition

The Japanese public company Metaplanet has initiated its 12th issuance of stock acquisition rights, amounting to up to 9.5 billion JPY (~$62 million), to address an “urgent need” to bolster its bitcoin reserves.

*Metaplanet Announces Issuance of Moving Strike Stock Acquisition Rights to Raise Up to ¥9.5 billion ($62 million) for Accelerated Bitcoin Accumulation* pic.twitter.com/bL7rs6Qkk4

— Metaplanet Inc. (@Metaplanet_JP) November 28, 2024

The Cayman Islands-based EVO FUND, established for capital raising, will accept applications until December 16, 2024.

The transaction is subject to regulatory approval.

Currently, the company holds 1142 BTC, ranking 18th on the BitcoinTreasuries list. The unrealized profit of the “Asian MicroStrategy” has reached 44%.

Previously, the company entered into an exclusive licensing agreement to launch Bitcoin Magazine in Japan. The partnership aims to provide high-quality localized content for the Japanese bitcoin community.

In October, Metaplanet received 23.972 BTC (~$1.46 million) as a premium from selling put options on its coins through QCP Capital.

Back in August, the company’s CEO, Simon Gerovich, advocated for “always accumulating the first cryptocurrency.”

For its investments, Metaplanet utilizes borrowed capital among other sources.