MetaplanetThe Japanese public company has announced plans to raise up to ¥10.08 billion ($70 million) through a gratis allotment of stock acquisition rights to existing shareholders. Majority of the funds will be spent on purchasing additional Bitcoin.
JUST IN: 🇯🇵 Metaplanet announces to raise ¥10.08 billion to buy more #Bitcoin pic.twitter.com/HXBf7RNeMx
— Bitcoin Magazine (@BitcoinMagazine) August 6, 2024
The company will issue one stock acquisition right Shares of common stock to holders who are registered as on September 5, 2009. The rights allow Metaplanet shareholders to purchase Metaplanet Common Stock at a price of 555yen ($4) between September 6 and October 15,
Metaplanet holds 246 bitcoins, worth approximately $13.4 million. As part of the long-term expansion strategy, Metaplanet aims to raise $70 million in order to expand its Bitcoin Treasury.
This is the same approach that was pioneered MicroStrategyBusiness intelligence provider MicroStrategy is listed on Nasdaq. MicroStrategy raised debts and sold stocks to collect over 220,000 Bitcoins, worth billions, since 2020.
Metaplanet will follow MicroStrategy’s lead by positioning themselves as Japan’s top publicly listed bitcoin holding company. This should create similar value for shareholders. It wants to lead Japanese listed companies in using Bitcoin as an asset of reserves.
Bitcoin is a dual-purpose asset that offers both long-term growth potential and protection against the depreciation of fiat currencies. A Bitcoin treasury can strengthen the balance sheet of a company and support future growth.
Disclaimer: Bitcoin Magazine, owned wholly by BTC Inc. (which also operates Bitcoin Magazine), is not affiliated with Bitcoin. UTXO ManagementMetaplanet was invested by, an allocator of regulated capital focused on digital assets. UTXO maintains significant digital asset holdings and invests in a range of Bitcoin-based businesses.
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Source: bitcoinmagazine.com
