Japanese investment firm Metaplanet has announced plans to raise 9.5 billion yen ($62 million) via a share acquisition scheme, aiming to increase its investments in Bitcoin.
The company aims to reduce its exposure to the declining Japanese yen and enhance its focus on the long-term potential of the digital currency.
The Board of Directors has approved the allocation of 29,000 shares of the acquisition rights to “EVO FUND”, an investment fund based in the Cayman Islands.
The proceeds will be used primarily to purchase more bitcoin, boosting the company's current portfolio of 1,142 bitcoins, valued at over $109 million as of November 28, 2024.
The plan is based on a dynamic model that allows the exercise price of the acquisition rights to be adjusted in line with market conditions, while limiting significant dilution of shareholder ownership, estimated at 8%.
This move comes in an economic context that is witnessing a decline in the value of the yen and rising inflation in Japan, which makes investing in Bitcoin a strategic option.
The funds raised are expected to be used between December 2024 and June 2025, with a small portion allocated to operating expenses.
Metaplanet began investing in Bitcoin last April, inspired by the experience of the American company MicroStrategy.
Earlier in November, the company also agreed to issue 1.75 billion yen ($11.3 million) in bonds at 0.36% annual interest, to finance additional bitcoin purchases.
These moves indicate the company's long-term commitment to growing its cryptocurrency investments as part of its financial strategy.
