Metaplanet Raises 10B Yen for Bitcoin Buying

Asia’s MicroStrategy Metaplanet recently raised fresh capital of 10 billion Japanese Yen through its stock sale, in preparation for its next mega Bitcoin purchase.

Japanese company Metaplanet, also known as MicroStrategy Metaplanet in Asia, has raised 10 billion yen ($88 million) from its stock sale, which will be used to purchase bitcoin.

The company announced Friday that 13,774 individual shareholders participated in the recent stock sale, which was the 11th series of Stock Acquisition Rights (SARs).

EVO FUND exercised the rights in full, resulting in total proceeds of 10 billion yen, the announcement said.

“The Company has also approved the transfer of unexercised rights to EVO FUND, which has committed to exercising all transferred rights by October 22, 2024,” the statement added.

Metaplanet shares fell 5.85% to close at 1,186 yen ($10) Friday on the Tokyo Stock Exchange, but are still up 644% year-to-date.

The Japanese firm has been aggressively buying bitcoin over the past month, and now holds over 850 BTC on its balance sheet, all of which were acquired in the past six months since May 2024.

The company is following in the footsteps of MicroStrategy, which has also raised capital to purchase bitcoin.

As reported, MicroStrategy completed a $500 million stock sale earlier this month, and used the proceeds to buy 2,500 BTC at an average price of about $200,000 each.

The company now holds a total of 132,500 bitcoin, acquired at an average price of $30,397 each, according to its latest filing with the U.S. Securities and Exchange Commission (SEC).

At current prices, MicroStrategy’s bitcoin stash is worth over $9 billion, while the company’s market capitalization is $4.1 billion.

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