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Metaplanet Announces $58 Million Bitcoin Investment
Last Updated: August 07, 2024
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Key Takeaways
- Metaplanet plans to distribute 11th series stock acquisition rights to all common shareholders, aiming to raise nearly 10 billion yen ($68 million);
- Of the raised funds, 8.5 billion yen ($58 million) is designated for Bitcoin investment;
- Metaplanet adopted Bitcoin as its core treasury asset in April.
Metaplanet, a Japanese early-stage investment firm, has announced a gratis allotment of the 11th series stock acquisition rights to all common shareholders.
This way, the company aims to raise nearly 10 billion Japanese yen, equivalent to around $68 million. Of this amount, 8.5 billion yen, or $58 million, is earmarked for investment in Bitcoin (BTC).
Shareholders will receive these stock acquisition rights as of September 5.
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Previously, on July 8, Metaplanet acquired 42.5 BTC for 400 million yen (around $2.7 million). This brought the company's total Bitcoin holdings to 203.7 BTC, acquired at an average cost of around 10 million yen per BTC, or $68,000 each.
Metaplanet first ventured into Bitcoin in April, officially adopting the digital currency as the core treasury asset and making its first investment of 1 billion yen (approximately $6.8 million).
Speaking at the Bitcoin Conference, Simon Gerovich, CEO of Metaplanet, highlighted that Metaplanet had been showing signs of stagnation before deciding to invest in BTC. He noted that the firm "realized that Bitcoin is the apex monetary asset" and viewed it as a valuable addition to the company’s treasury.
Metaplanet's decision reflects its belief in the potential of Bitcoin as a vital component of its investment strategy.
In other news, on August 5, spot Bitcoin exchange-traded funds (ETFs) saw outflows totaling $168.4 million.
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