Metaplanet raises $66M for Bitcoin investments
Metaplanet Inc. has successfully raised 10 billion yen (approximately $66 million) by completing its 11th stock acquisition rights exercise.
This funding round positions the company for further investments in Bitcoin (CRYPTO:BTC), as it already holds over 861 BTC valued at $57.3 million.
In a statement on October 22, Metaplanet’s CEO Simon Gerovich expressed gratitude to shareholders for their continued support.
The firm reported that 13,774 individual shareholders participated in the stock rights exercise, purchasing shares at a discounted price of 555 yen each.
This initiative was first announced on August 6 when the share price was around 700 yen.
The rights were issued at no cost, allowing shareholders to acquire one stock acquisition right for each ordinary share held.
The exercise period ran from September 6 to October 15, giving shareholders the option to utilise their rights or let them expire.
Out of the 18.1 million stock rights issued, 72.8% were exercised, leading to the issuance of 13.2 million shares and raising 7.32 billion yen (approximately $48.5 million).
The remaining 1.7 million unexercised rights were transferred at no cost to key stakeholders, including MMXX Ventures Limited, CEO Gerovich, and the EVO Fund.
Notably, the transfer to the EVO Fund alone accounted for 5.7 billion yen (about $37.8 million), bringing the total capital raised to 10 billion yen.
While Metaplanet has not officially announced how it intends to utilise the newly raised funds, recent activities indicate a potential focus on Bitcoin investments.
Earlier this year, the company adopted Bitcoin as a strategic treasury reserve asset and has been actively acquiring the cryptocurrency.
In May, it purchased 23.351 BTC for nearly $1.6 million, which resulted in a 10.8% increase in its share price.
Subsequent acquisitions included 42.4 BTC for $2.4 million, raising its total holdings to 203.7 BTC.
Additionally, Metaplanet acquired 57.273 BTC for $3.4 million and recently added another 106.976 BTC, valued at approximately 1 billion yen ($6.6 million) to its reserves.
At press time, the Bitcoin price was $67,262.60.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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