Metaplanet aims to expand Bitcoin holdings with $6.6M stock sale

Metaplanet Inc. (Tokyo: 3350) has announced plans to strengthen its Bitcoin (CRYPTO:BTC) strategy by raising ¥10 billion (approximately $6.6 million) through a stock sale. 

The company, which focuses on hotel asset management and operations, concluded the exercise period for its 11th Stock Acquisition Rights with a 72.8% exercise rate. 

Over 13,700 individual shareholders participated in the rights offering, and the company plans to finalize results after transferring unexercised rights to EVO FUND. 

CEO Simon Gerovich expressed gratitude to shareholders, stating, "Once completed, the total funds raised via the stock acquisition rights will reach ¥10 billion. 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." 

Metaplanet’s strategy echoes the approach taken by MicroStrategy Inc., using Bitcoin as a hedge against currency devaluation. 

Currently, Metaplanet holds around 861.387 Bitcoins, acquired at an average price of approximately ¥9.3 million per BTC, now valued at over ¥8 billion. 

With the completion of the 11th stock rights series, the company aims to double its Bitcoin holdings. 

The market impact of this strategy is significant as institutional investors, led by U.S.-based spot Bitcoin ETF issuers, continue to accelerate their Bitcoin acquisition plans amid growing adoption of web3 protocols and digital assets. 

Metaplanet’s increased Bitcoin exposure positions it as a key player in the ongoing trend of mainstream adoption of digital assets, potentially paving the way for long-term growth in a shifting economic landscape.

At the time of writing, the Bitcoin price was $67,466.62.