Through its planned series of stock acquisition rights to EVO Fund, Metaplanet hopes to raise $62 million
The company will use the money to buy more Bitcoin for its treasury management.
The Japanese investment business stated in a news release on November 28 that it would begin issuing its 12th stock acquisition rights to EVO FUND, a Cayman Islands investment management company, through a third-party allotment on December 16, 2024.
Metaplanet will distribute a total of 29,000 units. Each unit entitles EVO FUND to purchase 100 common shares. The total cost of the issuance is 17,806,000 yen, and each subscription right is 614 yen in value.
EVO FUND will get 2,900,000 common shares with a lower exercise price limit of 1,500 yen if they choose to buy every unit that Metaplanet is offering. The sale of Metaplanet’s 12th stock acquisition rights to EVO FUND would therefore result in a gain of more than 9.5 billion yen ($62 million).
The business did point out that the Financial Instruments and Exchange Act of Japan must approve the deal.
The Japanese investment firm’s strategic corporate treasury plan, which emphasizes “expanding our Bitcoin position,” states that it will use the majority of the funds received to purchase more Bitcoin.
“A Bitcoin-first, Bitcoin-only strategy for treasury management is our top priority. In its press announcement, the company said, “We have made it clear that we intend to use debt and periodic stock issuance to systematically increase our Bitcoin holdings while reducing exposure to a depreciating yen.”
Metaplanet finished its eleventh series of stock acquisition rights in October. The business raised a total of 10 billion yen ($66 million), the bulk of which it used to buy Bitcoin.
Market proponents frequently refer to Metaplanet as “Asia’s MicroStrategy.” With 1,142 BTC, or $109.36 million at current market pricing, Metaplanet has accumulated the greatest Bitcoin treasure in Japan.
Recently, Metaplanet announced its inclusion in the Amplify Transformational Data Sharing ETF, also known as BLOK, a global index that invests in leading blockchain companies such as Nvidia, MicroStrategy, and SBI Holdings.
According to Simon Gerovich, CEO of Metaplanet, the company’s inclusion in the ETF demonstrates its status as “Japan’s leading Bitcoin treasury company.”
