Asia’s equivalent of MicroStrategy, Metaplanet, has once again made headlines with its bold moves in the Bitcoin market. The company successfully raised a staggering ¥10 billion (approximately $67 million USD) through a recent stock sale, cementing its intention to further bolster its Bitcoin holdings. This funding marks another step in Metaplanet’s aggressive strategy to increase its Bitcoin reserve, following similar capital-raising techniques used by MicroStrategy in the United States.
Key Highlights:
- Metaplanet raised ¥10 billion in its 11th series of Stock Acquisition Rights.
- Despite this, the company’s stock price dropped by 5.85%, though it is still up 644% YTD.
- The company currently holds over 850 BTC, acquired within just six months since May 2024.
- Collaboration with QCP Capital allowed Metaplanet to engage in Bitcoin options trading, which yielded profits exceeding $2 million.
The Path to Bitcoin Accumulation
Metaplanet has been on a Bitcoin buying spree, taking advantage of current market conditions, where BTC is trading between $60,000 and $70,000. While Bitcoin’s price faces some selling pressure at $69,000, Metaplanet continues to position itself as a significant long-term Bitcoin holder. With 850 BTC already on its balance sheet, the company is making every effort to accumulate more while prices remain below $70,000.
Stock Sale and Market Response
A total of 13,774 shareholders participated in the stock sale, a clear signal of investor confidence despite a 5.85% dip in Metaplanet’s share price after the fundraising announcement. However, its stock remains highly profitable, showing significant growth over the year. This move aligns with the growing interest in Bitcoin among corporate players, with companies such as BlackRock also showing increased interest in cryptocurrency exposure.
Future Outlook
CEO Somin Gerovich highlighted that EVO FUND, a key player in Metaplanet’s fundraising efforts, has committed to exercising the remaining unexercised rights by October 22, 2024. The funds raised are expected to play a critical role in Metaplanet’s upcoming Bitcoin purchase as the company remains focused on strengthening its BTC reserves, betting big on the asset’s future.
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