NewsJapan’s Metaplanet Plans Major Bitcoin Expansion with $6.6M Stock Sale!
Qadir AK22 Oct 20242 min read
Metaplanet Inc. (Tokyo: 3350), a company focused on hotel asset management and operations, has taken a major step to expand its Bitcoin (BTC) holdings through a large stock sale. In August, the company’s board approved a plan to raise over ¥10 billion (around $6.6 million) by issuing the 11th series of stock acquisition rights.
Yet again, Metaplanet shows us how confident it is in Bitcoin’s future. Read on to know more.
Stock Acquisition Rights See Strong Participation
Earlier today, Metaplanet announced it had successfully concluded the exercise period for its 11th Stock Acquisition Rights, achieving a 72.8% exercise rate.
A total of 13,774 individual shareholders participated in the stock acquisition rights, and the company will announce final results after transferring any unexercised rights to EVO FUND.
“Once completed, the total funds raised via the stock acquisition rights will reach 10 billion yen. We would like to thank all shareholders for their invaluable support and contribution, which strengthens Metaplanet’s mission of becoming a leading Bitcoin treasury company,” Compan’s CEO, Simon Gerovich, noted.
Following MicroStrategy’s Lead
Metaplanet has been following the footsteps of MicroStrategy Inc., in its Bitcoin strategy to hedge against the global currency devaluation. As Coinpedia previously reported, Metaplanet currently holds about 861.387 Bitcoins, which were purchased at an average price of about ¥9,313,428 and are currently worth over ¥8 billion.
With the completion of the stock acquisition rights, Metaplanet plans to significantly increase its Bitcoin holdings in the near future.
Crypto Market Impact
Metaplanet’s increased focus on Bitcoin comes as digital assets and web3 protocols gain wider acceptance. Institutional investors, particularly those involved in spot Bitcoin ETFs in the U.S., are also ramping up their BTC acquisitions to hedge against inflation.
With these trends in play, Bitcoin’s price is expected to rise, potentially following the same bullish path as gold and major stock indexes.
What do you think of Metaplanet’s bold Bitcoin strategy? Will this move pay off in the long run like it has for MicroStrategy?
