Metaplanet to Raise $62 Million for Bitcoin Treasury Expansion Through Stock Acquisition Rights

Metaplanet, a Japanese investment firm, has announced its plan to raise $62 million. They will do this by issuing stock acquisition rights to EVO Fund. The funds raised will go towards buying more Bitcoin for their treasury management.

The company is committed to a Bitcoin-first strategy.

In a recent press release, Metaplanet outlined its approach. They confirmed the issuance of their 12th series of Stock Acquisition Rights. Starting on December 16, 2024, the firm will allocate 29,000 units through a third-party allotment. Each unit allows EVO Fund to purchase 100 common shares at a price of 614 yen per unit. This totals 17,806,000 yen.

“We are prioritizing a Bitcoin-first, Bitcoin-only approach to treasury management,” Metaplanet stated. “We intend to use debt and periodic stock issuance to systematically increase our Bitcoin holdings while reducing exposure to a depreciating yen.”

This year, Metaplanet has actively used stock acquisition rights to grow its Bitcoin reserves. Back in October, they completed their 11th issuance, raising 10 billion yen, which is about $66 million. A significant portion of that was allocated to purchasing more Bitcoin. As a result, the company’s shares surged over 1,000% in 2024.

More publicly traded companies are jumping into Bitcoin investments. Recently, Chinese public company SOS Limited bought $50 million worth of BTC. This news caused its stock price to soar over 100%.

Additionally, MicroStrategy made headlines by acquiring another $5.4 billion in Bitcoin. This was just in November, marking their third round of purchases this month alone. They've spent over $16 billion on Bitcoin this year, making them the largest institutional Bitcoin holder. Their stock performance has mirrored Bitcoin's rise, with shares climbing 450% year-to-date, placing them among the top 100 public companies in the U.S.

Other firms are also increasing their Bitcoin investments. Marathon Digital recently raised $1 billion through a convertible senior notes offering, with most of the funds earmarked for Bitcoin acquisitions.

Bitcoin's price performance continues to inspire optimism. After hitting $99,000 in the current cycle, public firms remain confident in Bitcoin's long-term potential. In fact, Pantera Capital recently projected that Bitcoin could reach $740,000 by 2028, reinforcing the positive sentiment across the industry.