🚀 Stay Ahead with AltcoinDaily.co! 🌐
Japanese investment firm Metaplanet has revealed plans to raise over $62 million through a stock acquisition initiative, aiming to bolster its Bitcoin treasury. In a statement issued on November 28, the company disclosed its intent to issue the 12th Stock Acquisition Rights to EVO Fund, a Cayman Islands-based investment management firm.
The allotment, totaling 29,000 units, is expected to run from December 16, 2024, to June 16, 2025, pending approval under Japan’s Financial Instruments and Exchange Act.
Metaplanet currently holds 1,142 Bitcoin, valued at over $109 million, and is doubling down on its commitment to the leading cryptocurrency. “The majority of the funds raised this time will be strategically allocated for the purchase of additional Bitcoin,” the firm stated, underscoring Bitcoin’s growing significance amidst a weakening Japanese yen.
🌟 Unlock Crypto Insights with AltcoinDaily.co! 💰
Bitcoin Gains Prominence
The company cited Bitcoin’s meteoric rise, noting its recent all-time high of $99,645.39 on November 22, as a key factor in its decision. Simultaneously, the yen’s depreciation—reflected in the USD/JPY exchange rate reaching 154—has raised concerns over the currency’s stability.
“Given these circumstances, we recognize the urgent importance of increasing our Bitcoin holdings and have therefore decided to proceed with this fundraising initiative,” the statement read.
If Metaplanet successfully raises the targeted $62 million, it plans to acquire around 652 additional Bitcoin at the current price of $95,000 per coin. This strategic move aligns with its ongoing efforts to diversify treasury assets while reducing exposure to the yen’s decline.
🦂 AltcoinDaily.co is your trusted source for the latest in crypto news and insights. 🚀
Pivoting Away from the Metaverse
As part of its evolving strategy, Metaplanet is deprioritizing its metaverse-related business ventures, citing a lack of profitability prospects in the near term. Instead, the firm has firmly incorporated Bitcoin acquisition into its corporate treasury approach.
This marks a continuation of its Bitcoin-centric policy, which began with a $66 million fundraising initiative in October—proceeds of which were also used to purchase Bitcoin.
Metaplanet’s stock has surged 1,365.63% over the past year, reaching approximately $15.60 (2,345 Japanese yen). However, it remains a fraction of its peak price of $2,521.76 (379,000 Japanese yen) recorded in 2013.
