Metaplanet Secures $62 Million to Buy Bitcoin Wallet Through 12th Stock Acquisition Rights

Japanese investment firm Metaplanet has announced a plan to raise 9.5 billion Japanese yen, worth $62 million, through a share buyback plan. This move marks another step in increasing their Bitcoin wallet. It aligns with the company’s strategic focus on reducing exposure to the depreciation of the Japanese yen while leveraging Bitcoin’s long-term growth potential.

The company’s Board of Directors approved the allocation of 29,000 units of its 12th share purchase rights to EVO FUND, an investment entity based in the Cayman Islands, under a scheme of assignment of third parties.

Acquisition of Bitcoin through Stock Scheme

The proceeds will primarily fund the acquisition of additional Bitcoin, bolstering Metaplanet’s existing treasury of 1,142 BTC, valued at more than $109 million on November 28, 2024. The offering is structured to raise capital dynamically, adjusting the exercise price of share acquisition rights based on market conditions. This approach allows for flexibility while mitigating excessive dilution of existing shares, although the process will result in an estimated dilution of 8%.

According to the company, this initiative highlighted its vision to become a “Bitcoin-first” treasury management entity.

“We are prioritizing a Bitcoin-only, Bitcoin-first approach to treasury management. We have made it clear that we intend to use debt and periodic equity issuance to systematically increase our Bitcoin holdings while reducing the ‘exposure to yen depreciation’.

Metaplanet’s strategy also takes into account Japan’s economic environment, with persistent yen depreciation and inflation adding urgency to its Bitcoin-centric treasury transformation. The funds are expected to be used between December 2024 and June 2025, with a smaller portion earmarked for operating expenses.

Bitcoin acquisition strategy

Closely following MicroStrategy’s Bitcoin-focused financial strategy, Metaplanet began its BTC acquisitions in April. The company has so far amassed 1,142 Bitcoins, valued at more than $109 million, marking a bold commitment to cryptocurrency investments.

Earlier this month, the Tokyo-listed company approved a one-year debt issue worth ¥1.75 billion, valued at about $11.3 billion, with annual interest of 0.36% during its November 18 council meeting. As previously reported, the proceeds will fund Bitcoin purchases, supporting the company’s strategy to increase its cryptocurrency reserves. The bonds, redeemable at face value on November 17, 2025, will be delivered upon completion of the guarantee agreements.

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