As a seasoned crypto investor with a knack for spotting trends and a penchant for Japanese tech giants, I must admit that Metaplanet’s latest move has caught my attention. Having closely followed the meteoric rise of MicroStrategy, it seems Asia now has its own Bitcoin champion in Metaplanet.
Metaplanet is planning to secure $62 million through its forthcoming issuance of Stock Acquisition Rights to the EVO Fund. These funds will then be utilized to purchase additional Bitcoins, which will be managed within their financial reserves.
On November 28, a Japanese investment company revealed their intention to distribute their 12th Stock Acquisition Rights to EVO FUND, a Cayman Islands-based investment management firm, through a third-party allocation process that will commence on December 16, 2024.
Metaplanet plans to release a total of 29,000 units. With each unit, EVO FUND can buy 100 common shares. The cost for one subscription right is set at 614 yen, which means the total amount paid will be approximately 17,806,000 yen.
If EVO FUND opts to buy all the shares offered by Metaplanet in this transaction, they will secure approximately 2,900,000 common shares at a maximum purchase price of 1,500 yen per share. Consequently, Metaplanet is expected to earn over 9,500 billion yen ($62 million USD) from their 12th Rights Sale of Stock Acquisition to EVO FUND.
Moreover, it’s important to mention that this deal is contingent upon receiving approval from Japan’s Financial Instruments and Exchange Act.
The Japanese investment company announced their intention to utilize a large portion of the recently gathered funds for buying additional Bitcoin (BTC). This move aligns with their corporate treasury strategy, which prioritizes growing their Bitcoin holdings.
In their recent statement, the company expressed a preference for focusing exclusively on Bitcoin when it comes to managing their treasury. They have made it known that they plan to use debt and periodic stock offerings strategically to accumulate more Bitcoin over time, simultaneously decreasing their vulnerability to the yen’s potential devaluation.
In October, Metaplanet concluded its eleventh round of buying Stock Acquisition Warrants, raising an overall sum of approximately 10 billion yen (equivalent to $66 million). A significant portion of these funds were directed towards the purchase of Bitcoin.
In the financial world, Metaplanet is commonly likened to MicroStrategy of Asia due to its significant involvement in Bitcoin. With a staggering 1,142 Bitcoins under its control, it currently holds the largest Bitcoin hoard in Japan, valued at approximately $109.36 million according to today’s market prices.
Lately, it was revealed that Metaplanet is now part of the Amplify Transformational Data Sharing ETF (BLOK), an international index that focuses on investing in prominent blockchain firms such as SBI Holdings, MicroStrategy, and Nvidia.
According to Simon Gerovich, CEO of Metaplanet, their entry into the ETF marks them as “Japan’s foremost company in managing Bitcoin reserves.
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2024-11-28 15:26