- Metaplanet raised 10 billion yen for Bitcoin growth, achieving a 72.8% exercise rate with over 13,000 shareholders participating.
- The announcement came amid Bitcoin’s price dropping from $69,000 to $67,500 during early trading hours.
- Metaplanet’s strategic Bitcoin accumulation continues, with 861.387 BTC held, and plans for further purchases in the future.
Metaplanet, Japan’s internet-listed company recently exercised its 11th stock acquisition rights as it seeks to increase its Bitcoin reserve after raising 10 billion yen ($66.2 million in the process. The decision cements a plan to ramp up the company’s presence in the virtual currency market even though Bitcoin plunged during early Asian trading.
Stock Acquisition Rights Exercise Finalized
On August 6, Metaplanet announced a ¥10.08 billion Gratis Allotment of Stock Acquisition Rights. Today, the company confirmed the completion of this exercise, achieving an impressive 72.8% exercise rate. Over 13,000 shareholders participated, contributing to the company’s growth in cryptocurrency investment.
This announcement coincides with a drop in Bitcoin’s price, which briefly surged to $69,000 before plunging by over $2,000, settling at $67,500 during early trading hours. Despite this, Metaplanet continues to see Bitcoin as a hedge against yen devaluation.
The stock acquisition saw participation from major players, including BlackRock, the world’s largest asset manager. Additionally, Metaplanet has retrieved all unexercised rights and plans to transfer them as security sales to EVO FUND, a strategic financial partner.
The shareholders of Metaplanet have also stated the decision made by the company and their support for Simon’s Gerovich vision of the company’s Bitcoin future. He said, “We are grateful for the continued support that fuels our ambition to be a Bitcoin treasury service provider.”
Metaplanet’s Strategic Bitcoin Accumulation
Since April 2024, Metaplanet has been steadily purchasing Bitcoin, with each acquisition round averaging 1 billion yen. The company’s most recent purchase took place on October 15, acquiring 107 BTC valued at 1 billion yen. This brings Metaplanet’s total Bitcoin holdings to 861.387 BTC, worth over 8 billion yen.
The last acquisition of stocks has been recently completed at Metaplanet, the next step in its development plan is the next Bitcoin purchase. This they intend to achieve through a continued accumulation of more bitcoins in a bid to consolidate its position in the marketplace.
The post Metaplanet Raises $66.2M for Bitcoin Expansion Despite Market Volatility appeared first on Crypto News Land.
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