Japanese MicroStrategy company Metaplanet plans to buy more bitcoins with a $66200 million fund.
Metaplanet is considering equity rights to Bitcoin62 million, boosting #bitcoin stocks %
Metaplanet Eyes Bitcoin62M Equity Rights to Boost Bitcoin Stocks / Coinspeaker
Metaplanet plans to raise $62 million through equity rights. The company plans to use the funds to replenish its bitcoin reserves.
More and more institutional investors are using the bitcoin reserve approach to ensure the devaluation of fiat currencies.
Japanese investment company Metaplanet, known for its large deals, has hit the headlines again with its latest announcement. The company announced plans to raise ¥12 million through a Series 62 rights issue (SARS). The move is aimed at expanding bitcoin stocks amid the yen's depreciation and the rising value of the #cryptocurrency .
Metaplanet has established itself as a leader in #Web3 .
Metaplanet will provide 29,000 SAR units to Cayman Islands-based investment firm EVO Fund in a carefully structured deal. Each unit gives the right to purchase 100 shares at a price of 614 yen.
If EVO fund exercises all rights by 2024-12-16, the company will receive 95 billion yen, equivalent to $6,200 million. However, the move is contingent on the approval of Japan's Financial Instruments and Exchange Act. This rule ensures compliance with the country's strict financial regulations.
This is not the first time Metaplanet has used sars to support its cryptocurrency ambitions. Last month, the company completed its 11th series of SARs and raised an impressive 10 billion yen (£666 million). The company's continued focus on bitcoin has become a defining feature of its strategy.
This year, Metaplanet restructured its financial management and focused solely on bitcoin. The company used debt and equity issuance to fund its growing reserves.
But why bitcoin? For Metaplanet, the answer is obvious.
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