Metaplanet raises 66M dollars through its stock acquisition rights plan

Japanese investment firm Metaplanet Inc. has completed its stock acquisition rights exercise and raised roughly 10 billion yen ($66 million).

Metaplanet Inc. has concluded the exercise period for its 11th Stock Acquisition Rights, achieving a 72.8% exercise rate with participation from 13,774 individual shareholders. The Company has also approved the transfer of unexercised rights to EVO FUND, which has committed to… https://t.co/bSnKwMfCjK

— Simon Gerovich (@gerovich) October 22, 2024

Metaplanet concludes 11th series stock acquisition rights

The company announced on Wednesday that 13,774 individual shareholders had participated in the exercise of its 11th planned stock acquisition rights. This provided shareholders with the chance to buy shares at a discounted rate.

The stock acquisition rights were announced on August 6 at a price of about 700 yen per share of Metaplanet. This made it possible for shareholders to purchase more shares at a discounted price of 555 yen each. It was started by the Tokyo-listed company on September 6 and ended on October 15. According to the filing, 10 billion yen was raised in total through the approach.

In a post on X on Tuesday, Simon Gerovich, CEO of Metaplanet, wrote, "We would like to thank all shareholders for their invaluable support and contribution, which strengthens Metaplanet's mission of becoming a leading Bitcoin treasury company." 

In its filing, Metaplanet did not highlight its plans on how to use the recently raised funds. 

Metaplanet optimistic about the future of Bitcoin

After announcing in May that it was beginning to use Bitcoin as its strategic treasury reserve asset, Metaplanet has been buying a ton of the cryptocurrency in recent months. It increased its holdings to 855.478 BTC, or roughly $57.4 million at current market prices, earlier this month when it bought an extra 106.976 Bitcoin for roughly 1 billion yen ($6.6 million). 

Metaplanet is still confident about the future of Bitcoin, the largest cryptocurrency in the world. The company stated last week that it has increased the strike price of its Bitcoin put options, which were first announced on October 3, from $62,000 to $66,000. 

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