Metaplanet Seeks to Buy More BTC
Metaplanet, a prominent Japan-based venture firm, is planning to raise $68 million via a gratis stock allotment. The company has announced that 90% of the raised funds will be used to buy Bitcoin.
In an X post, Metaplanet’s Director of Bitcoin Strategy Dylan LeClair said the aim of buying BTC was to leverage the coin’s potential for appreciation in the long term and its unique ability to act as a hedge against the depreciation of the yen, Japan’s fiat currency.
Metaplanet’s Bitcoin Treasury
Nicknamed Japanese MicroStrategy, Metaplanet has so far bought 245.9 BTC. The company started buying Bitcoin in April, spending roughly $15 million. LeClair says the company intends to be the largest Bitcoin holder among the publicly listed organizations in Japan.
So, how will the gratis offering enable Metaplanet to raise money to buy Bitcoin? Shareholders of the company’s stock, which trades on the Tokyo Stock Exchange, will be charged a flat rate of ¥555 or $3.77 per share when they redeem their shares via the allotment.
This offer will be available only to investors holding at least 18,166,000 Metaplanet shares as of August. However, the Japanese company has said it will extend the offer to all shareholders from September 5th.
Metaplanet’s Stock Surges 14%
Metaplanet’s latest announcement has been welcomed by investors based on the firm’s stock performance in the past 24 hours. According to data from the Tokyo Stock Exchange, Metaplanet’s shares are trading at $5.06 following a 24-hour growth of 14%. The shares market cap stands at $93 million as of this writing.
Metaplanet’s stock experienced a similar spike in July when the company announced that it had bought over 20 Bitcoin as part of its plan to make BTC a reserve asset.
It is worth mentioning that this is not the first time Metaplanet has announced plans to raise money to buy Bitcoin. In June 2024, the Japanese firm issued ordinary bonds, raising $6.2 million to acquire BTC. At the time, LeClair said Metaplanet would continue buying Bitcoin regardless of the market fluctuations.
