- Metaplanet plans to raise ¥62 million for Bitcoin acquisitions through its 12th SAR issuance.
- Metaplanet launched Bitcoin Magazine Japan and expanded its influence in the Bitcoin ecosystem.
Metaplanet, a Japanese investment company, plans to raise ¥62 million through its company 12th series of share acquisition rights (SARs).
The company will issue 29,000 units of SARs to EVO FUND, a Cayman Islands-based investment management company, through a third-party assignment.
Each SAR unit grants EVO FUND the right to purchase 100 common shares at ¥614 per right, for a total consideration of ¥17.8 million.
This step is part of Metaplanet’s strategy to strengthen its financial position. EVO FUND will exercise the rights on December 16.
Metaplanet’s crypto fundraising plan
Making the same comment on this, Metaplanet spotted,
“The majority of the funds raised this time will be strategically allocated for the purchase of additional Bitcoin.”
The company further stated that,
We have made it clear that we intend to use debt and periodic equity issuances to systematically increase our Bitcoin holdings while reducing exposure to a depreciating yen.”
The company also emphasized that Bitcoin’s prominence is “on the rise,” following an all-time high of $99,645.39 on November 22.
“Meanwhile, the Japanese yen continues to depreciate, with the USD/JPY exchange rate returning to the 154 level on the same day, raising continued concerns.”
Subject to approval under the Japanese Financial Instruments and Exchange Act, Metaplanet’s share purchase rights will be valid from December 16, 2024 to June 6, 2025.
What’s more?
If the entire ¥62 million is raised through the issuance, the money could be used to purchase approximately 652 Bitcoin. [BTC].
This potential Bitcoin investment underlines Metaplanet’s strategic focus on expanding its financial portfolio and exploring digital assets as part of its growth strategy.
Over the past month, Metaplanet has made significant progress. It completed its 11th series of share purchases and raised ¥10 billion ($66 million).
Metaplanet is known as “Asia’s MicroStrategy” and is pursuing an aggressive strategy to acquire Bitcoin, similar to MicroStrategy’s approach.
This includes direct purchases and options trading, which strengthen Bitcoin holdings and generate additional income through bounties.
The recent trend of Metaplanet
Currently, Metaplanet owns 1,142 Bitcoin, worth approximately $109 million.
The company’s shares are up 1,366% over the past year. However, it remains well below the peak of $2,521.76 Google Finance.
Metaplanet’s recent move of Bitcoin Magazine Japan, in partnership with Bitcoin Magazine, marks a crucial step in expanding its influence in the Bitcoin space.
This partnership aligns with the company’s aggressive approach to Bitcoin acquisition and mirrors the tactics of industry giants like MicroStrategy.
By making Bitcoin purchases and strategic partnerships, Metaplanet is positioning itself as a key player in the digital asset ecosystem. The company mirrors successful models of Bitcoin-heavy companies as it makes its way into the Asian market.