Metaplanet, a Tokyo-listed investment company, plans to raise 9.5 billion yen (approximately $62 million) to strengthen its Bitcoin portfolio.
The company said in a statement on November 28 that the funds will be raised through the 12th Moving Strike stock acquisition rights. These rights will be allocated to EVO FUND through a third-party allotment for the period from December 17, 2024 to June 16, 2025.
Following the announcement, Metaplanet's stock price rose 6.5%, extending a year-long rally and positioning Metaplanet as one of Japan's most prominent publicly traded companies.
Emulation of MicroStrategy
MetaPlanet CEO Simon Gerovich emphasized that the company's fundraising approach mirrors that taken by MicroStrategy, a major corporate Bitcoin holder.
He said the “at-the-market” model would allow the company to raise funds to expand its Bitcoin holdings, while allowing shareholders to benefit from a higher Bitcoin-per-share ratio. . Gerovich emphasized that this approach allows the company to accelerate the speed of Bitcoin acquisition without significantly compromising shareholder value.
He added:
“Raising capital in this manner allows us to increase our Bitcoin holdings at a faster pace than the increase in our outstanding shares, delivering a demonstrable net return to our shareholders.”
Since transitioning to a Bitcoin-centric treasury in May, Metaplanet has added 1,142 BTC to its portfolio, spending $75.3 million. As the value of Bitcoin rose, this investment increased by over 44%, increasing its value to $108.5 million.
The holding ranks Metaplanet as one of the largest institutional Bitcoin holders in Asia and the 18th largest in the world among listed companies, according to Bitcoin Treasury data.
Add to ETF
According to a statement on November 27, Metaplanet's growing profile has led to its inclusion in the Amplify Transformational Data Sharing ETF (BLOK).
The fund actively identifies leading companies in the blockchain space, tracking 53 leading blockchain-focused companies, including notable names such as MicroStrategy, Robinhood, Nvidia, and SBI Holdings. BLOK manages over $930 million in assets.
Gerovich said:
“This addition highlights the growing recognition of our leadership as Japan’s leading Bitcoin finance company. BLOK holds a 4.4% stake in Metaplanet.”
Posts mentioned in this article: Bitcoin, Crypto
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