Metaplanets Bitcoin Strategy Secures 67M through Successful Subscription of All Stock Acquisition Rights

Metaplanet Inc., a Tokyo-based company that is quickly adapting to web3 technology, has successfully completed a significant share sale to bolster its Bitcoin strategy. The company, which specializes in hotel asset management and operations, announced today that it has raised over ¥10 billion (approximately $67 million) through its stock acquisition rights program.

Simon Gerovich, the CEO of Metaplanet, stated that the program was fully subscribed by 13,774 investors. As a result, the company plans to acquire more Bitcoins to strengthen its financial position. Currently, Metaplanet holds 861.387 Bitcoins, valued at around ¥8 billion, which were obtained through various programs. Following the completion of the stock acquisition rights program, the company will possess over 1,600 Bitcoins, worth more than $100 million.

Metaplanet’s adoption of the Bitcoin strategy has led to a significant increase in its stock market value, with a year-to-date rally of over 550 percent. On Wednesday, its stock was trading at approximately ¥1,110. The company, valued at ¥23 billion, aims to emulate the success of MicroStrategy Inc., whose market value has surpassed $40 billion.

MicroStrategy currently owns more than 250,000 Bitcoins, which is over 1 percent of the total circulating supply. Despite the strong demand for Bitcoin from large investors, as evidenced by significant inflows into U.S. spot BTC ETFs, the flagship cryptocurrency has struggled to establish a bullish momentum comparable to Gold.

From a technical analysis perspective, Bitcoin’s price must consistently close above the resistance/support level around $69.5k to avoid a potential selloff below $60k in the near future.

Tags: Bitcoin