Japanese investment firm Metaplanet announced Thursday that it plans to raise $62 million through its 12th series of stock acquisition rights (SARs). The company announced plans to issue new SARs to Cayman Islands -based EVO FUND through a third-party allocation. EVO FUND will be able to buy shares in the company on December 16, 2024.
Specifically, the company is issuing 29,000 SAR units, with each unit entitling EVO FUND to purchase 100 common shares. Each right will cost 614 yen, bringing the total issue price to 17,806,000 yen.
Therefore, if EVO FUND exercised all of these rights, the company could raise 9.5 billion yen ($62 million). However, the deal is subject to regulatory approval by the Financial Instruments and Exchange Act.
Metaplanet has announced that it is raising funds primarily to purchase more Bitcoin. As detailed in earlier announcements, the company has changed its financial strategy to focus exclusively on Bitcoin for vault management.
It plans to use both debt and equity issuance to increase its Bitcoin reserves, especially as the yen weakens.
“We realize the urgent need to increase our Bitcoin reserves and have therefore decided to pursue this fundraising initiative,” the company said, pointing to Bitcoin’s recent record high.
Last month, Metaplanet completed its 11th round of rights to acquire shares, raising 10 billion yen ($66 million). This week, the company finalized an exclusive licensing agreement to launch Bitcoin Magazine in Japan. The partnership aims to provide high-quality, localized content to Japan’s Bitcoin community.
Metaplanet has adopted an aggressive Bitcoin acquisition strategy, much like MicroStrategy, earning it the nickname “Asia’s MicroStrategy.” It actively engages in both direct Bitcoin purchases and options trading, which increases its Bitcoin reserves and boosts its income through trading bonuses.
Metaplanet currently holds 1142 Bitcoins worth about $109.16 million at today’s rates, according to Bitcoin Treasuries.
