BTC Holder Metaplanet Earns $66M in Stock Acquisition Rights Exercise

Metaplanet Inc. It successfully raised 10 billion yen ($66 million) by completing its 11th share acquisition rights.

This is as the company's publicly traded shares rose 6.53 percent last month and are up 593.75 percent year-to-date.

More than 13,000 shareholders participated in the exercise

In a statement posted on X on October 22, Metaplanet CEO Simon Jirovich thanked shareholders for their continued support.

In addition, the Japanese investment firm announced on October 23 that 13,774 private shareholders participated and bought the new shares at a discounted price of 555 yen each. The stock purchase rights program was first announced in 2011. On August 6, the stock price was approximately 700 yen.

The rights are issued at no cost, with one share acquisition right granted for each ordinary share. The operation took place from September 6 to October 15, during which time shareholders can exercise their rights or let them expire.

About 72.8% of the issued 18.1 million share rights were exercised, resulting in 13.2 million shares issued, raising 7.32 billion yen ($48.5 million).

The remaining 1.7 million unexercised units were transferred at no cost to key stakeholders, including MMX Ventures Limited, CEO Gerovic and Evo Fund. The transfer to the EVO fund alone accounted for 5.7 billion yen ($37.8 million), bringing its total capital to 10 billion yen.

Metaplanet to buy more bitcoins?

While Metaplanet has not publicly disclosed how it plans to use the newly raised funds, its recent actions suggest that further investments in Bitcoin (BTC) may be on the way. In May, the company announced its adoption of Bitcoin as a strategic treasury asset and has been on a buying spree ever since.

In June, he acquired 23.351 BTC worth about 1.6 million dollars, which caused the stock price to jump 10.8%. That purchase was followed by another 42.4 coins, this time bought for $2.4 million, bringing the company's total holdings to 203.7 BTC.

The drive didn't end there. Metaplanet has participated in several other deals, including 57.273 coins for $3.4 million. Earlier this month, the company added another 106.976 BTC to its storage, a purchase worth approximately $1 billion ($6.6 million).

According to BitcoinTreasuries.net, it currently holds 861.4 BTC worth $57.3 million.