Metaplanet raises $62M to buy Bitcoin portfolio in 12th stock acquisition rights

Japanese investment company Metaplanet has announced plans to raise $9.5 billion in 62 million Japanese yen through a share buyback. This move marks another step in growing the Bitcoin portfolio. It aligns with the company's strategic focus on reducing exposure to the Japanese yen while leveraging Bitcoin's long-term growth potential.

The company's board of directors has approved the allocation of 29,000 units of the 12th share acquisition rights to EVO FUND, an investment entity based in the Cayman Islands, under a third-party allocation.

Earning Bitcoin by stock schedule

The proceeds will primarily fund the purchase of additional bitcoins, adding to Metaplanet's existing 1,142 BTC treasury worth more than $109 million as of 2018. It is November 28, 2024. The offering is structured to raise equity capital by adjusting the exercise price based on share acquisition rights. on market conditions. This approach allows for flexibility while minimizing over-dilution of existing stocks, although the process results in approximately 8% dilution.

According to the company, this initiative highlights the vision of being part of the “Bitcoin-first” treasury management.

“We are prioritizing the first Bitcoin-only approach to management of the company. We have made it clear that we intend to use debt and current equity offerings to strategically increase our Bitcoin holdings while reducing our exposure to the weaker yen.

Metaplanet's strategy also considers Japan's economic environment, with a steady depreciation of the yen and inflation increasing its Bitcoin-focused treasury transformation. The funds are expected to be used between December 2024 and June 2025, with a small portion earmarked for operational costs.

Bitcoin acquisition strategy

Following a micro-strategy focused on Bitcoin, Metaplanet started its BTC purchases in April. The company has so far collected 1,142 bitcoins worth more than $109 million, demonstrating its bold commitment to cryptocurrency investments.

Earlier this month, the Tokyo-listed company approved a one-year debt offering worth $1.75 billion at 0.36% annual interest at its Nov. 18 board meeting. As previously reported, the proceeds will finance the purchase of bitcoins, which will support the company's strategy to increase its cryptocurrency reserves. In the year The bonds, which are callable at par on November 17, 2025, will be issued upon completion of the underwriting arrangements.