Japanese investment firm Metaplanet is working to raise over $62 million (9.5 billion Japanese yen) to significantly increase its Bitcoin treasury, which currently stands at 1,142 BTC valued at over $109 million. If successful, the funds could allow the company to purchase approximately 652 additional Bitcoin, furthering its strategy to shift away from the depreciating yen.<\/p>\n\n\n\n
In a statement on November 28, Metaplanet announced its plan to issue 29,000 units of its 12th Stock Acquisition Rights to EVO Fund, a Cayman Islands-based investment management firm, through a third-party allotment. The raised funds will primarily be used to purchase Bitcoin as part of the company\u2019s long-term corporate treasury strategy.<\/p>\n\n\n\n
\u201cWe aim to systematically increase our Bitcoin holdings while minimizing exposure to the depreciating yen,\u201d the firm stated.<\/p>\n\n\n\n
Bitcoin’s increasing prominence and Japan’s weakening currency have influenced Metaplanet’s decision. On November 22, Bitcoin hit an all-time high of $99,645.39, while the yen reached a concerning USD\/JPY exchange rate of 154.<\/p>\n\n\n\n
If the initiative is approved under Japan\u2019s Financial Instruments and Exchange Act, the stock acquisition will run from December 16, 2023, to June 16, 2025. At Bitcoin\u2019s current price of $95,000, Metaplanet could acquire around 652 BTC with the $62 million raised.<\/p>\n\n\n\n
This follows a similar move in October when the company completed its 11th Stock Acquisition Rights, raising $66 million (10 billion yen) to purchase Bitcoin.<\/p>\n\n\n\n
As part of its strategy, Metaplanet has decided to deprioritize its metaverse-related business ventures, citing a lack of profitability prospects. Instead, the firm is focusing on Bitcoin as a cornerstone of its treasury management plan.<\/p>\n\n\n\n
\u201cWe recognize the urgent importance of increasing our Bitcoin holdings given current economic conditions,\u201d the company noted.<\/p>\n\n\n\n
Metaplanet\u2019s decision aligns with a growing trend among companies adopting Bitcoin as a treasury asset. Recent examples include:<\/p>\n\n\n\n
Metaplanet’s stock has surged 1,365.63% over the past year, trading at $15.60 (2,345 yen) as of November 28. Despite this, it remains significantly lower than its all-time high of $2,521.76 (379,000 yen) set in February 2013.<\/p>\n\n\n\n
By increasing its Bitcoin holdings, Metaplanet aims to capitalize on Bitcoin\u2019s potential for long-term value while mitigating risks tied to a weakening yen.<\/p>\n","protected":false},"excerpt":{"rendered":"
Japanese investment firm Metaplanet is working to raise over $62 million (9.5 billion Japanese yen) to significantly increase its Bitcoin treasury, which currently stands at 1,142 BTC valued at over $109 million. If successful, the funds could allow the company to purchase approximately 652 additional Bitcoin, furthering its strategy to shift away from the depreciating […]<\/p>\n","protected":false},"author":13,"featured_media":9784,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[30,2,43],"tags":[],"class_list":["post-12456","post","type-post","status-publish","format-standard","has-post-thumbnail","category-exchange","category-featured","category-general-news"],"acf":[],"yoast_head":"\n