Metaplanet Plans to Raise $62M for Bitcoin Accumulation with Stock Acquisition Rights

Japanese investment firm Metaplanet announced Thursday that it plans to raise $62m through its 12th series of stock acquisition rights (SARs).

The company announced plans to issue new SARs to EVO FUND, based in the Cayman Islands, through a third-party allotment. EVO FUND will be able to buy company stock on Dec. 16, 2024.

Specifically, the company is issuing 29,000 units of SARs, with each unit entitling EVO FUND to purchase 100 common shares. Each right will cost 614 yen, resulting in a total issuance price of 17,806,000 yen.

*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

Consequently, should EVO FUND exercise all these rights, the company could raise 9.5 billion yen ($62m). However, this transaction is contingent upon the regulatory approval from the Financial Instruments and Exchange Act.

Metaplanet Boosts BTC Strategy with Fundraising to Expand Reserves

Metaplanet said it is raising funds to primarily buy more Bitcoin. As detailed in earlier announcements, the company has shifted its financial strategy to focus exclusively on Bitcoin for its treasury management.

It plans to use both debt and stock issuance to boost its Bitcoin reserves, especially as the yen weakens.

“We recognize the urgent importance of increasing our Bitcoin holdings and have therefore decided to proceed with this fundraising initiative,” the company said, pointing to Bitcoin’s recent record high.

‘Asia’s MicroStrategy’ Grows Bitcoin Reserves, Launches Magazine

Last month, Metaplanet completed its 11th series of stock acquisition rights, raising 10 billion yen ($66m). This week, the company finalized an exclusive licensing deal to launch Bitcoin Magazine in Japan. The partnership aims to provide high-quality, localized content for Japan’s Bitcoin community.

Metaplanet has adopted an aggressive strategy for acquiring Bitcoin, much like MicroStrategy, earning it the nickname “Asia’s MicroStrategy”. It actively engages in both direct Bitcoin purchases and options trading, which increases its Bitcoin reserves and boosts its income through trading premiums.

Currently, Metaplanet holds 1,142 Bitcoin valued at about $109.16m at today’s rates, according to Bitcoin Treasuries.