- Metaplanet plans to raise $62M through its 12th SAR series to expand Bitcoin holdings, aligning with its strategic financial goals.
- Metaplanet will issue 29,000 SAR units to EVO FUND, enabling significant Bitcoin acquisitions as part of its treasury strategy.
- Metaplanet holds 1,142 Bitcoin worth $109.16M and continues aggressive growth with fundraising and strategic cryptocurrency investments.
A Japanese investment firm, Metaplanet, has announced its plan to sell the twelfth series of stock acquisition rights (SARs) to raise $62 million. It is part of the company’s new financial management plan to build up its stocks of Bitcoins for this initiative.
Details of the Stock Acquisition Rights
Metaplanet revealed that it plans to issue 29,000 units of SARs, enabling the holder to purchase common shares later. Each unit entitles the buyer to acquire 100 shares of Metaplanet’s stock, priced at 614 yen per unit. The issuance will be through a third-party allotment to EVO FUND, a Cayman Islands-based entity.
The total issuance price for the SARs is at 17,806,000 yen. If EVO FUND exercises all rights, Metaplanet could raise to 9.5 billion yen, approximately $62 million. The transaction is, however, conditional on regulatory approval under the Financial Instruments and Exchange Act. The shares are expected to be sold through the SARs once all the conditions of the contracts are met on December 16, 2024.
Focus on Bitcoin Reserves and Strategy
The funds raised through this initiative will be used to acquire additional Bitcoin as part of Metaplanet’s treasury management strategy. The company has emphasized its pivot toward using Bitcoin as a core financial asset, citing its importance amid the depreciation of the Japanese yen.
Metaplanet explained in its press release that the move will help the company achieve its five-year plan as the cryptocurrency gains value in the market. “There is much awareness of the necessity to expand Bitcoin holdings.” We are committed to this venture to enhance our financial situation.
Apart from direct purchases of Bitcoins, Metaplanet uses stock offers and debt securities to grow its Bitcoin portfolio.
Recent Developments and Partnerships
Metaplanet recently completed its 11th SAR series, raising 10 billion yen ($66 million). The company has also secured an exclusive licensing agreement to bring *Bitcoin Magazine* to Japan. This partnership aims to offer localized content for the country’s growing Bitcoin community, further cementing Metaplanet’s influence in the cryptocurrency sector.
Frequently compared to MicroStrategy, Metaplanet has been dubbed “Asia’s MicroStrategy” due to its aggressive Bitcoin acquisition strategy. The firm employs a combination of direct purchases and options trading to grow its reserves and generate income through trading premiums.
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