Japan’s Metaplanet Unveils $62M Worth Bitcoin Acquisition Strategy
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Metaplanet announced today that it will be issuing its Moving Strike Stock Acquisition Rights. The business will strengthen its position as Asia’s first Bitcoin Treasury Company. Following the announcement that the business will raise $62 million by offering the Moving Strike Stock Acquisition Rights in order to buy more Bitcoins, Metaplanet’s shares jumped 6.5% during Thursday’s trading session. The stock has increased by 102% in the last month, which is three times the 36% gain made by Bitcoin. Aiming to raise up to 9.5 billion yen (about $62 million), Japan’s MicroStrategy Metaplanet announced earlier today that it will be issuing its Moving Strike Stock Acquisition Rights. Banking on Bitcoin Thus, MicroStrategy’s “At-the-Market” strategy allowed the Japanese company to raise more money while maintaining its emphasis on long-term Bitcoin accumulation. The news was made only one week after Metaplanet bought 124 Bitcoins, bringing its total holdings to almost 1,100 BTC. The business will strengthen its position as Asia’s first Bitcoin Treasury Company. And buy more Bitcoin using the money raised from this campaign. Metaplanet said in its filing that this action would raise the quantity of Bitcoin owned per share. Thus, increasing the value of each Metaplanet share by reflecting a greater percentage of the company’s overall Bitcoin holdings. Metaplanet hopes to increase its Bitcoin reserves faster than the growth of its existing shares by using this capital-raising strategy, providing substantial advantages to shareholders. Like the MicroStrategy shares, Metaplanet’s stock has increased 1,300% since the start of 2024, mostly due to the company’s decision to include Bitcoin in its treasury in May. Last week, the stock’s daily trading volumes on the Japanese market reached $174 million, surpassing those of companies like Nintendo and Honda. As a result, Metaplanet is among the best-performing stocks in Japan. Highlighted Crypto News Today: Uniswap (UNI)…
Filed under: News - @ November 28, 2024 8:24 pm