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Japanese investment firm Metaplanet revealed on Thursday its intention to raise $62 million via its 12th series of stock acquisition rights (SARs).
The firm disclosed plans to issue new SARs to EVO FUND, located in the Cayman Islands, through a third-party allotment. EVO FUND will have the opportunity to purchase company stock on December 16, 2024.
Specifically, the company is offering 29,000 units of SARs, with each unit granting EVO FUND the right to acquire 100 common shares. Each right will be priced at 614 yen, leading to a total issuance value of 17,806,000 yen.
*Metaplanet Announces Issuance of Moving Strike Stock Acquisition Rights to Raise Up to ¥9.5 billion ($62 million) for Accelerated Bitcoin Accumulation* pic.twitter.com/bL7rs6Qkk4
— Metaplanet Inc. (@Metaplanet_JP) November 28, 2024
As a result, if EVO FUND exercises all these rights, the company could potentially raise 9.5 billion yen ($62 million). However, this transaction is subject to regulatory approval under the Financial Instruments and Exchange Act.
Metaplanet Enhances BTC Strategy with Fundraising to Increase Reserves
Metaplanet stated that it is raising capital primarily to acquire additional Bitcoin. As outlined in previous announcements, the firm has adjusted its financial strategy to concentrate solely on Bitcoin for its treasury management.
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It intends to utilize both debt and stock issuance to enhance its Bitcoin reserves, particularly in light of the yen’s depreciation.
“We acknowledge the critical need to augment our Bitcoin holdings and have thus opted to move forward with this fundraising effort,” the company remarked, referencing Bitcoin’s recent peak.
‘Asia’s MicroStrategy’ Expands Bitcoin Reserves, Launches Magazine
Last month, Metaplanet completed its 11th series of stock acquisition rights, raising 10 billion yen ($66 million). This week, the firm concluded an exclusive licensing agreement to launch Bitcoin Magazine in Japan. The collaboration aims to deliver high-quality, localized content for Japan’s Bitcoin community.
Metaplanet has embraced an assertive approach to Bitcoin acquisition, similar to MicroStrategy, earning it the moniker “Asia’s MicroStrategy.” It actively participates in both direct Bitcoin purchases and options trading, which enhances its Bitcoin reserves and increases its income through trading premiums.
Currently, Metaplanet possesses 1,142 Bitcoin valued at approximately $109.16 million at current rates, according to Bitcoin Treasuries.
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