Metaplanet, a Japanese investment firm, is looking to expand its Bitcoin treasury by raising over $62 million through a stock acquisition plan. The company currently holds 1,142 Bitcoin, worth over $109 million, and aims to add approximately 652 more Bitcoin to its cache.
In an announcement on Nov. 28, Metaplanet outlined its plan to issue a 12th Stock Acquisition Rights to EVO Fund, a Cayman Islands-based investment management firm. The move will result in a third-party allotment of 29,000 units. The company plans to use the majority of these funds to acquire additional Bitcoin, strategically aiming to increase its Bitcoin holdings while decreasing its exposure to a depreciating yen.
In their statement, Metaplanet underscored the rising prominence of Bitcoin, particularly in light of its all-time high of $99,645.39 it reached on Nov. 22. At the same time, the company expressed concern over the depreciating Japanese yen, underscoring the importance of increasing its Bitcoin holdings through this fundraising initiative.
Once approved under Japan’s Financial Instruments and Exchange Act, the stock acquisition will run from Dec. 16 through to June 16, 2025. Should the firm successfully raise the full $62 million, it will be able to purchase roughly 652 Bitcoin at the current price of about $95,000.
While Metaplanet has previously shown interest in the metaverse, it is putting such plans on hold for now, citing the lack of prospects for profitability. In October, the company raised a total of $66 million through its 11th Stock Acquisition Rights, which it also allocated towards purchasing Bitcoin.
Metaplanet is among several companies that have added Bitcoin to their balance sheets in recent times. These include Rumble, an alternative to YouTube, which confirmed its plans to buy Bitcoin on Nov. 25. AI firm Genius Group and tech solution provider Semler Scientific also reported purchasing 110 and 215 Bitcoin respectively in November.