Metaplanet Inc to Bolster Bitcoin Operations with 66M Stock Offering
Metaplanet Inc., a Tokyo-based company that specializes in hotel asset management and operations, has unveiled its comprehensive plan to bolster its Bitcoin (BTC) strategy through stock sales. In August, the company’s board of directors approved a proposal to sell common stock valued at over ¥10 billion, which is approximately $6.6 million, through a complimentary distribution of the 11th series of stock acquisition rights.
Today, the company announced that it has concluded the exercise period for its 11th Stock Acquisition Rights, achieving an impressive 72.8 percent participation rate. Metaplanet emphasized that 13,774 individual shareholders took part in the stock acquisition rights. Additionally, the company intends to disclose the final results after transferring unutilized rights to EVO FUND.
“After the completion of this process, the total funds raised through the stock acquisition rights will amount to 10 billion yen. We extend our sincere gratitude to all shareholders for their invaluable support and contribution, which further strengthens Metaplanet’s mission to become a leading Bitcoin treasury company,” said Simon Gerovich, the CEO of the company.
Metaplanet’s Bitcoin strategy is reminiscent of MicroStrategy Inc.’s approach, as it aims to safeguard against global currency devaluation. As previously reported by Coinpedia, Metaplanet currently possesses around 861.387 Bitcoins, acquired at an average price of approximately ¥9,313,428, and currently valued at over ¥8 billion. The completion of the 11th series of stock acquisition rights will enable Metaplanet to double its Bitcoin holdings in the near future.
The impact of Metaplanet’s Bitcoin strategy is profound, particularly in light of the increasing adoption of web3 protocols and digital assets. Institutional investors, led by spot Bitcoin ETF issuers in the United States, have expedited their BTC acquisition plans to ensure a secure future unaffected by high inflation. Consequently, it is anticipated that Bitcoin prices will parallel the trajectory of gold and major stock indexes in a bullish breakout.
Tags: Bitcoin