BTC Holder Metaplanet Raises $66 Million Through Stock Rights Exercise

Metaplanet Inc. has successfully raised 10 billion yen ($66 million) by completing its 11th share acquisition rights exercise.

This comes as the company’s publicly traded shares are up 6.53% in the past month and have soared 593.75% year-to-date.

More than 13,000 shareholders participated in the exercise

In an Oct. 22 statement published on X, Metaplanet CEO Simon Gerovich expressed gratitude to shareholders for their continued support.

In addition, the Japanese investment firm disclosed on October 23 that 13,774 individual shareholders participated in the event, buying the new shares at a discounted price of ¥555 each. The share purchase rights program was first announced on August 6, when its share price was approximately 700 yen.

The rights are issued at no cost and one share acquisition right is granted for each ordinary share held. The operation took place from September 6 to October 15, during which shareholders could exercise their rights or let them expire.

Of the 18.1 million share rights issued, 72.8% were exercised, resulting in the issuance of 13.2 million shares and raising ¥7.32 billion ($48.5 million).

The remaining 1.7 million unexercised units were transferred at no cost to key stakeholders including MMXX Ventures Limited, CEO Gerovich and the EVO Fund. The transfer to the EVO Fund alone accounted for 5.7 billion yen ($37.8 million), bringing the total capital raised to 10 billion yen.

Metaplanet to buy more Bitcoin?

Although Metaplanet has not officially revealed how it plans to use the newly raised funds, its recent activities suggest that further investments in Bitcoin (BTC) could be on the way. In May, the company announced the adoption of Bitcoin as a strategic treasury reserve asset and has been buying ever since.

In June, it acquired 23,351 BTC, valued at nearly $1.6 million, causing its share price to rise 10.8%. This purchase was followed by another 42.4 coins, this time purchased for $2.4 million, bringing the company’s total holdings to 203.7 BTC.

The journey didn’t end there. Metaplanet participated in several other deals, including one for 57,273 coins at $3.4 million. Earlier this month, the company added another 106,976 BTC to its reserves, a purchase worth approximately 1 billion yen ($6.6 million).

As of now, he has 861.4 BTC, valued at $57.3 million at current market prices, according to BitcoinTreasures.net.

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