Metaplanet, a Japanese investment firm, has plans to raise $62 million by issuing stock acquisition rights to EVO Fund. They’ll use this money to buy more Bitcoin as part of their treasury management strategy. They’re sticking to a Bitcoin-first approach.
In a recent press release, Metaplanet outlined their strategy. They confirmed the issuance of their 12th series of Stock Acquisition Rights. This will start on December 16, 2024. The firm plans to allocate 29,000 units through a third-party allotment. Each unit allows EVO Fund to buy 100 common shares at a price of 614 yen per unit. This totals 17,806,000 yen.
Metaplanet stated, “We are prioritizing a Bitcoin-first, Bitcoin-only approach to treasury management.” They also mentioned their intention to use debt and periodic stock issuance to systematically increase their Bitcoin holdings. This helps them reduce exposure to a depreciating yen.
Throughout 2024, Metaplanet has been actively using stock acquisition rights to boost their Bitcoin reserves. Back in October, they completed their 11th issuance, raising 10 billion yen (around $66 million). A significant portion of this was allocated for more Bitcoin purchases. Their shares have skyrocketed by over 1,000% this year.
Publicly traded companies are also jumping on the Bitcoin bandwagon. Recently, the Chinese company SOS Limited bought $50 million worth of Bitcoin, which caused their stock price to surge by over 100%.
MicroStrategy is another big player. They recently acquired an additional $5.4 billion in Bitcoin, making this their third purchase in November alone. This year, they have spent over $16 billion on Bitcoin, solidifying their status as the largest institutional holder. Their stock performance has mirrored Bitcoin’s rise, with shares climbing 450% year-to-date. This places them among the top 100 public companies in the U.S.
Other firms are also increasing their investments in Bitcoin. Marathon Digital recently raised $1 billion through a convertible senior notes offering, with most of the funds earmarked for Bitcoin acquisitions.
Bitcoin's price performance continues to inspire optimism. Even after reaching $99,000 in the current cycle, public firms remain confident in Bitcoin's long-term potential. Pantera Capital recently projected that Bitcoin could hit $740,000 by 2028. This reinforces the bullish sentiment across the industry.