Metaplanet is set to raise $62 million in its upcoming series of stock acquisition rights to EVO Fund, with plans to use the proceeds to bolster its Bitcoin holdings as part of its treasury management strategy.
In a press release dated November 28, 2024, Meta Planet announced that it will issue its 12th Stock Acquisition Rights offering to EVO Fund, an investment management firm based in the Cayman Islands. The third-party allotment will begin on the 16th of December, 2024.
Meta Planet will issue a total of 29,000 units, with each unit granting EVO Fund the right to purchase 100 common shares at the price of 614 yen per subscription right. This results in an issuance value of 17,806,000 yen. If EVO Fund exercises the full offering, it will acquire 2.9 million common shares, with an exercise price limit of 1,500 yen per share. In total, Metaplanet expects to raise more than 9.5 billion yen (approximately $62 million) from this sale.
However, the deal is subject to approval under Japan’s Financial Instruments and Exchange Act. The majority of the funds raised will be directed toward purchasing additional Bitcoin, in line with Metaplanet’s strategic focus on a Bitcoin-centric treasury management approach.
The company emphasized its commitment to a “Bitcoin-first, Bitcoin-only” strategy, noting that it intends to utilize debt and periodic stock issuances to systematically increase its Bitcoin holdings while reducing exposure to the depreciating yen. In October 2024, Metaplanet successfully completed its 11th Stock Acquisition Rights offering, raising 10 billion yen (around $66 million), most of which was also allocated toward Bitcoin purchases.
Often referred to as “Asia’s MicroStrategy,” Metaplanet now holds the largest Bitcoin reserve in Japan, with a total of 1,142 BTC, currently valued at $109.36 million. Recently, the firm was also added to the Amplify Transformational Data Sharing ETF (BLOK), a global index that includes leading blockchain companies like MicroStrategy, SBI Holding, and Nvidia.
Metaplanet’s CEO, Simon Gerovich, expressed pride in the firm’s inclusion in the ETF, highlighting Metaplanet’s role as “Japan’s leading Bitcoin Treasury Company.”
