The post Japanese Firm Metaplanet Raises $62 Million for Bitcoin Purchase appeared on BitcoinEthereumNews.com.

Metaplanet, a Japanese investment firm, has announced plans to raise $62 million by issuing stock acquisition rights to EVO Fund. The raised funds will be allocated to buying more Bitcoin for its treasury management. The company stressed that it will continue to maintain a Bitcoin-first strategy.  Metaplanet outlined its strategy in a press release, confirming the issuance of its 12th series of Stock Acquisition Rights. Starting Dec. 16, 2024, the firm will allocate 29,000 units through a third-party allotment.  Each unit gives EVO Fund the right to purchase 100 common shares, priced at 614 yen per unit, amounting to a total of 17,806,000 yen. “We are prioritizing a Bitcoin-first, Bitcoin-only approach to treasury management. We have made it clear that we intend to utilize debt and periodic stock issuance to systematically increase our Bitcoin holdings while reducing exposure to a depreciating yen,” Metaplanet stated in the press release.  Throughout this year, Metaplanet has been actively leveraging stock acquisition rights to increase its Bitcoin holdings.  In October, the firm concluded its 11th issuance, raising 10 billion yen ($66 million), with a significant portion allocated to further Bitcoin purchases. The company’s shares surged over 1,000% in 2024.  Metaplanet’s Stock Performance Throughout 2024. Source: TradingView Public Firms Continue to Buy More BTC Publicly traded companies are increasingly investing in Bitcoin. Yesterday, Chinese public company SOS Limited also bought $50 million worth of BTC. Following the news, its stock price surged over 100%.  Also, MicroStrategy recently acquired another $5.4 billion worth of BTC. This was its third round of Bitcoin purchase in November alone. The company has spent over $16 billion on Bitcoin this year, maintaining its status as the largest institutional Bitcoin holder.  Similar to other firms, MircoStrategy’s stock performance has mirrored Bitcoin’s surge. Its shares have climbed 450% year-to-date, placing it among…

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Filed under: News - @ November 28, 2024 7:21 pm