Nikolas Sargeant
On Monday, Metaplanet revealed plans to invest approximately ¥8.5 billion ($58.76 million) in Bitcoin through a new stock offering. The company aims to raise a total of ¥10 billion ($69.13 million) by issuing stock acquisition rights to all common shareholders. This decision, made during a Board of Directors meeting, will see shareholders receiving these rights as of September 5, with the allotment starting September 6.
Metaplanet cited Japan’s high debt levels, persistent negative interest rates, and a weakening yen as compelling reasons for increasing its Bitcoin holdings. On July 16, Metaplanet purchased an additional 21.88 Bitcoins, worth ¥200 million ($1.4 million) at an average price of ¥9.14 million ($57,600) per coin.
Plans to Tokenize Metaplanet Shares
Currently listed on the Tokyo Stock Exchange (TSE), Metaplanet plans to tokenize its shares on the Bitcoin layer-2 network, Liquid, to expand access for U.S. investors. In May, Metaplanet's shares surged by 158% in a single week, making it the highest gainer among all Japanese stocks.
Stock Surges 364% in Six Months
Over the past six months, Metaplanet’s stock price has soared 364%, reaching 743 yen ($5.08) on Thursday. Despite a significant market downturn on Monday, triggered by the Bank of Japan raising rates on short-term government bonds from 0% to 0.25%, Metaplanet continues to strategize on bolstering its Bitcoin reserves using various capital market instruments.
In a recent earnings call, MicroStrategy reported expanding its Bitcoin holdings to 226,500 bitcoins as of July 31. Since entering the Bitcoin market in April, Metaplanet has amassed approximately 246 Bitcoins, valued at around $13.4 million.
