Japanese company Metaplanet raised $62 million for the purchase of Bitcoin
Metaplanet, a Japanese investment firm, has announced plans to raise $62 million by issuing share purchase rights to Evo Fund. The money collected will be allocated to the treasury management to buy more bitcoins.
The company emphasized that it will continue to maintain a Bitcoin-first strategy.
Metaplanet announced its strategy in a press release confirming the issuance of the 12th consecutive share acquisition rights. Beginning December 16, 2024, the Company will allocate 29,000 units through third-party allocation.
Each unit entitles Evo Fund to purchase 100 common shares, at a price of 614 yen per unit, for a total of 17,806,000 yen.
“We are prioritizing our initial Bitcoin-only approach to management. We have made it clear that we intend to use debt and current equity to strategically increase our exposure to the weaker yen.
Metaplanet has been actively using stock acquisition rights to increase its bitcoin holdings this year.
In October, the company completed its 11th issue, raising $10 billion ($66 million), a significant portion of which was allocated to additional Bitcoin purchases. The company's shares are up more than 1,000% in 2024.
Public organizations continue to buy more BTC.
Publicly traded companies are investing in Bitcoin. Yesterday, the Chinese public company SOS Limited bought $50 million worth of BTC. Following the news, the stock price rose more than 100 percent.
Also, MicroStrategy recently acquired another $5.4 billion worth of BTC. This was the third round of Bitcoin purchases in November alone. The company spent more than $16 billion this year.
Similar to other firms, MircoStrategy's stock performance has mirrored Bitcoin's rally. Its stock is up 450% year over year, placing it among the top 100 US public companies.
Other firms are also raising Bitcoin investments. Marathon Digital recently issued $1 billion in convertible senior notes, with most of the money allocated to Bitcoin acquisitions.
Bitcoin's price performance continues to fuel optimism. Despite reaching $99,000 in the current cycle, public companies remain bullish on Bitcoin's long-term potential.
In fact, Pantera Capital recently predicted that Bitcoin could hit $740,000 by 2028, reinforcing the bullishness of the entire industry.
Disclaimer
Adhering to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news report aims to provide accurate and up-to-date information. However, readers are advised to independently verify facts and consult with professionals before making any decisions based on this content. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
