Metaplanet Inc., a Japanese investment firm, has successfully secured 10 billion yen ($66 million) through its 11th round of stock acquisition rights. This capital boost potentially sets the stage for additional Bitcoin investments, as the company currently holds over 861 BTC, valued at around $57.3 million.
Strong Shareholder Support Drives Capital Raise
The stock acquisition rights exercise comes at a time when Metaplanet’s publicly traded shares have performed exceptionally well, rising 593.75% year-to-date and 6.53% over the past month. This surge in value helped attract significant shareholder participation, with more than 13,000 investors taking part in the exercise.
In a statement posted on X (formerly Twitter) on October 22, Metaplanet’s CEO Simon Gerovich thanked shareholders for their continued support. Gerovich has played a key role in guiding the company’s recent success, including its pivot toward Bitcoin as a strategic asset.
Over 13,000 Shareholders Participate
The company disclosed on October 23 that 13,774 shareholders exercised their rights to purchase new shares at a discounted rate of 555 yen each. The stock acquisition rights program, initially announced on August 6 when the share price hovered around 700 yen, allowed one stock acquisition right per ordinary share owned.
The rights program ran from September 6 to October 15, giving shareholders the option to use or forfeit their rights. Of the 18.1 million rights distributed, 72.8% were exercised, resulting in 13.2 million new shares and generating 7.32 billion yen ($48.5 million).
Key Stakeholders Gain from Remaining Rights
The 1.7 million unexercised stock rights were transferred without charge to key stakeholders, including CEO Simon Gerovich, MMXX Ventures Limited, and the EVO Fund. Notably, the EVO Fund alone received 5.7 billion yen ($37.8 million) worth of rights, bringing the total funds raised to 10 billion yen.
Possible Plans for Bitcoin Purchases
While Metaplanet has not explicitly outlined how it will use the new capital, recent patterns suggest further Bitcoin acquisitions may be in the works. Earlier this year, the firm adopted Bitcoin as part of its treasury reserve strategy, initiating a series of notable purchases.
In May, Metaplanet acquired 23.351 BTC for nearly $1.6 million, which caused its stock price to jump by 10.8%. This was followed by additional purchases: 42.4 BTC for $2.4 million and 57.273 BTC for $3.4 million. Most recently, the company added 106.976 BTC in early October, a purchase worth roughly 1 billion yen ($6.6 million).
At present, Metaplanet’s Bitcoin holdings stand at 861.4 BTC, worth $57.3 million based on current market valuations.
Expanding Influence in the Crypto Market
Metaplanet’s increasing Bitcoin reserves reflect a clear commitment to the cryptocurrency’s long-term potential. Although the firm has not officially confirmed future Bitcoin purchases, its recent actions suggest that more acquisitions could be imminent.
With its robust capital reserves and strong shareholder backing, Metaplanet continues to position itself as a significant player in both traditional and crypto markets. Investors will be closely watching the company’s next moves, particularly in the Bitcoin space.
Metaplanet’s ongoing Bitcoin strategy and recent stock acquisition rights success underscore its growing influence in the crypto market, with the company poised to make further strategic investments as part of its long-term vision.
