Japanese investment firm Metaplanet is about to make another shopping move in the crypto industry. It publicized its plans to acquire more Bitcoin worth $62 million. The company’s recent BTC purchases are part of its strategy to bolster its Bitcoin reserves, hedge against the yen’s decline, and capitalize on the crypto’s surging value.
Metaplanet to Purchase $62M BTC
Metaplanet will issue its 12th series of Stock Acquisition Rights (SARs), offering 29,000 units to investment entity EVO FUND. Each unit grants the right to purchase 100 shares, priced at $4 per right. If all rights are exercised by December 16, 2024, Metaplanet will secure approximately $62 million.
The company has also set rules for exercising stock acquisition rights, including adjusting the exercise price daily starting from January 2025 to 97% of the average price of the company’s stock over the previous 13 trading days. The Japanese firm believes its scheduled allotee has a good track record of supporting fundraising efforts.
While this SARs financing method may diluent existing shareholder rights, the company believes it is in the long-term best interests of all shareholders. The development highlights Metaplanet’s commitment to BTC, which is a key component of its financial strategy. The firm’s “Bitcoin first” approach continues to mirror that of MicroStrategy, a US-based company known for its Bitcoin investments.
While commenting about the company’s latest plans, CEO Simon Gerovich noted that the firm’s move will not only add to its Bitcoin stash but also drive the adoption of the pioneer crypto. He further expressed gratitude to the company’s investors via X post where he said: “Thank you for your continued support.”
Metaplanet Makes Other Moves
Prior to its recent plans to accelerate Bitcoin accumulation, Metaplanet moved to promote crypto awareness in Japan. The company launched the Japanese edition of Bitcoin Magazine, a leading global publication focused on Bitcoin and crypto news, education, and insights.
The launch will further facilitate the company’s delivery of its shareholders’ benefit program, which promises to discount purchases from the Bitcoin Magazine store for select investors. Meanwhile, the company currently holds a total of 1,142 BTC.
