Metaplanet Raises ¥10 Billion to Buy Bitcoin, Holding Over 850 BTC in Just Six Months

• Metaplanet raises ¥10B for Bitcoin purchases, acquiring 850 BTC in six months to expand its crypto treasury.
• EVO FUND’s full exercise boosts Metaplanet’s capital, with the company targeting further Bitcoin acquisitions below $70K.
• Despite a 5.85% share price drop, Metaplanet’s stock remains up 644% year-to-date, fueled by ongoing Bitcoin investments.

Japanese firm, Metaplanet Inc., has successfully raised ¥10 billion ($67 million) through a stock sale, marking its latest move in accumulating Bitcoin. The company, known for its aggressive Bitcoin purchasing strategy, achieved this by concluding its 11th series of Stock Acquisition Rights. 

With participation from 13,774 individual shareholders and EVO FUND’s full exercise of rights, the capital raised will be used for future Bitcoin acquisitions. Notably, Metaplanet has acquired 850 BTC over the past six months.

Stock Sale and Participation Surge Amid Bitcoin Focus

The recent stock acquisition saw significant interest, with large investors like BlackRock gaining exposure to Bitcoin. Metaplanet CEO Simon Gerovich reported a 72.8% exercise rate from shareholders, alongside EVO FUND’s commitment to fully exercising the remaining rights by October 22, 2024. This exercise brought in ¥10 billion, boosting the company’s plans to expand its Bitcoin holdings.

Share Price Drop Follows Stock Sale, Despite Strong Gains

However, following the stock sale, Metaplanet’s share price dropped by 5.85%, dipping below 1,200 JPY. Despite this, the stock remains up by 644% year-to-date, demonstrating strong overall performance. This decline came after the company’s intensified efforts to raise cash for further Bitcoin acquisitions, taking advantage of Bitcoin prices still trading below $70,000.

Bitcoin Options Trading Adds to Revenue Stream

Alongside direct purchases, Metaplanet has engaged in Bitcoin options trading through a collaboration with QCP Capital. This strategy has already proven profitable, generating over $2 million in revenue. 

The company’s diverse approaches in the crypto market highlight its intention to increase its Bitcoin reserves swiftly. Metaplanet’s commitment to growing its Bitcoin holdings continues to influence its stock sales and financial strategies.