Japans Metaplanet to Expand Bitcoin Operations with 66M Stock Sale

Metaplanet Inc., a Tokyo-based company specializing in hotel asset management and operations, has successfully raised ¥10 billion through a stock sale to expand its Bitcoin holdings. The company’s board approved a plan in August to issue the 11th series of stock acquisition rights in order to raise the funds.

The exercise period for the 11th Stock Acquisition Rights has just concluded, with a strong participation rate of 72.8%. A total of 13,774 individual shareholders took part in the stock acquisition rights, and any unexercised rights will be transferred to EVO FUND. Once the process is completed, the total funds raised will reach ¥10 billion.

Metaplanet’s CEO, Simon Gerovich, expressed gratitude to the shareholders for their support, noting that it strengthens the company’s mission of becoming a leading Bitcoin treasury company. The move follows in the footsteps of MicroStrategy Inc., which has also adopted a Bitcoin strategy to hedge against global currency devaluation.

Currently, Metaplanet holds approximately 861.387 Bitcoins, which were purchased at an average price of ¥9,313,428 and are now worth over ¥8 billion. With the completion of the stock acquisition rights, the company plans to significantly increase its Bitcoin holdings in the near future.

This increased focus on Bitcoin aligns with the growing acceptance of digital assets and web3 protocols. Institutional investors, particularly those involved in spot Bitcoin ETFs in the U.S., are also increasing their Bitcoin acquisitions as a hedge against inflation. As a result, Bitcoin’s price is expected to rise, following a similar bullish path as gold and major stock indexes.

It remains to be seen whether Metaplanet’s bold Bitcoin strategy will pay off in the long run, as it has for MicroStrategy.