BTC Holder Metaplanet Raises $66M Through Stock Acquisition Rights Exercise 

The recent capital increase makes funds accessible for more Bitcoin purchases, as the company already owns approximately 861 BTC worth $57.3 million.

Metaplanet Inc. successfully raised 10 billion yen ($66 million) by exercising its 11th stock acquisition rights. This comes as the company’s publicly traded shares have increased by 6.53% in the last month and by 593.75% year to date.

Over 13,000 Shareholders Participated in Exercise

In a statement released on X on October 22, Metaplanet’s CEO, Simon Gerovich, thanked shareholders for their continued support. Furthermore, on October 23, the Japanese investment firm announced that 13,774 individual shareholders took part in the event, purchasing the additional shares at a discounted price of 555 yen apiece. The stock acquisition rights program was first announced on August 6, when the share price was about 700 yen.

The rights were distributed at no cost, with one stock acquisition right provided for every ordinary share held. The operation lasted from September 6 to October 15, during which shareholders could either exercise their rights or let them expire. 72.8% of the 18.1 million stock rights issued were exercised, resulting in the issuing of 13.2 million shares and a total of 7.32 billion yen ($48.5 million).

The remaining 1.7 million units were given for free to major players such as MMXX Ventures Limited, CEO Gerovich, and the EVO Fund. The payment to the EVO Fund alone totalled 5.7 billion yen ($37.8 million), bringing the total amount raised to 10 billion yen.

Metaplanet to Buy More Bitcoin?

While Metaplanet has not publicly stated how the freshly raised funds would be used, recent activities indicate that additional Bitcoin (BTC) investments may be made. In May, the corporation declared the use of Bitcoin as a strategic treasury reserve asset and has since gone on a buying binge.

In June, it purchased 23.351 BTC for over $1.6 million, causing its stock price to rise 10.8%. Following that, the business purchased another 42.4 coins for $2.4 million, bringing its total holdings to 203.7 BTC. The drive didn’t end there. Metaplanet was involved in a number of other transactions, including one for 57.273 coins for $3.4 million. Earlier this month, the corporation added an additional 106.976 BTC to its reserves.

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