Metaplanets Bitcoin Acquisition Soars 644 Since the Beginning of the Year with a 10 Billion Yen Investment

CoinDesk Report:
Under the leadership of MicroStrategy, Metaplanet has raised 10 billion yen to expand its Bitcoin holdings.
Despite a 5.85% drop in stock price, Metaplanet has still risen by 644% year-to-date.
The Japanese company Metaplanet has recently gained attention for its significant increase in Bitcoin holdings.
As of the latest update, Metaplanet, often referred to as the Asian MicroStrategy, has raised 10 billion yen in new capital through the recent sale of stocks based on the Series 11 stock acquisition right.
Metaplanet’s new Bitcoin strategy, in fact, according to the latest data, involves the recent large-scale BTC purchases on October 15th and 16th, which have brought the company’s total Bitcoin balance to 861.4 BTC.
This highlights the company’s plan to emulate MicroStrategy and expand its Bitcoin holdings with these funds.
A total of 13,774 shareholders participated, with the exercise of these rights receiving full support from EVO FUND, resulting in substantial profits.
Meanwhile, Bitcoin has dropped more than 2% after encountering resistance at $69,000, reflecting the ongoing volatility in the market.
As of the latest update from CoinMarketCap, the trading price of BTC is $66,942.
Metaplanet’s CEO, Somyong Grovich, expressed his agreement with this and stated, “Metaplanet Limited has concluded the exercise period of its 11th stock acquisition right, with an exercise rate of 72.8% among 13,774 individual shareholders.”
He added, “The company has also approved the transfer of unexercised rights to EVO Fund, which has committed to exercising all transferred rights before October 22, 2024.”
Gerovich explained that once the process of issuing stock acquisition rights is fully completed, Metaplanet will have successfully raised a total of 10 billion yen.
He also expressed gratitude for the support and financial contribution of the shareholders, which is crucial for the company’s goal of becoming a major BTC holder.
The term “final result” refers to the complete accounting and reporting of funds raised once the entity exercising these stock acquisition rights, EVO FUND, completes the transaction.
In summary, Metaplanet is updating its shareholders on the progress and reiterating its commitment to advancing its Bitcoin-focused mission with the use of these funds.
Impact on Metaplanet’s stock price:
Following today’s stock sale, Metaplanet’s stock price has dropped significantly, down 5.85% to below 1200 yen.
Despite this decline, the company continues to hold a strong position, with a year-to-date profit growth of 644%.
As of the latest update, Metaplanet’s stock price has further declined by 6.09% and closed at 1188 yen.
This volatility reflects the market’s direct response to the stock sale, but in the long run, the company’s overall performance continues to show impressive growth.
Therefore, by embracing Bitcoin, Metaplanet seeks to address the challenging economic conditions in Japan characterized by negative interest rates and quantitative easing.
This bold approach allows the company to hedge against the country’s financial challenges while aligning with the global shift towards digital assets.