Metaplanet, a publicly traded Japanese company, has announced the completion of its 11th stock acquisition rights exercise, raising a staggering 10 billion yen (worth $66.2 million) for Bitcoin expansion. The company has been aggressively accumulating Bitcoin for the last six months, gradually positioning itself as one of the top global Bitcoin corporate holders.
Meanwhile, the announcement comes amid a steep decline in Bitcoin’s price. In the early Asian trading hours today, the flagship cryptocurrency traded as high as $69k before crashing and losing over $2,000, falling to $67,500 at the time of writing.
Over 13,000 Shareholders Participated in the Stock Acquisition
Recall that on August 6, the company announced a ¥10.08 billion Gratis Allotment of Stock Acquisition Rights. Per the announcement, the proceeds from this exercise will be diverted into expanding its Bitcoin coffers.
Thus, Metaplanet took to its X account (formerly Twitter) earlier today, to inform the public that it has completed this round and achieved an impressive 72.8 percent exercise rate. Furthermore, Metaplanet disclosed that 13,774 individual shareholders participated in the stock sale.
*Metaplanet Announces Results of Stock Acquisition Rights Exercise* pic.twitter.com/MquO6JFNEX
— Metaplanet Inc. (@Metaplanet_JP) October 22, 2024
According to the disclosure, the company has also retrieved all unexercised rights and will transfer them in full as security sales to EVO FUND. The stock acquisition saw participation from industry giants including BlackRock, the world’s largest asset manager with $11 trillion in assets.
Commenting on the development, Simon Gerovich, the company’s CEO expressed gratitude to shareholders for trusting and aligning with its vision of being a top Bitcoin treasury company.
“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,” he said.
Metaplanet Bitcoin Footprint
Since April 2024, Metaplanet has processed a Bitcoin buying spree, purchasing the flagship cryptocurrency in parts of mostly 1 billion yen in each round.
This strategic acquisition follows the footsteps of American business intelligence company, MicroStrategy, now the largest corporate Bitcoin holder in the world. Metaplanet turned to Bitcoin as a hedge against the devaluation of the Japanese yen and has since recorded substantial profits from its investments.
Its last purchase came on October 15 when it secured about 107 BTC, valued at 1 billion yen (or $6.7 million at the time). Consequently, Metaplanet now holds about 861.387 BTC, valued at over 8 billion yen and purchased at an average price of 9.3 million yen.
Following the recent completion of the 11th stock acquisition rights, the company looks to expand its portfolio with an imminent BTC purchase.
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