Metaplanet aims to raise $62m from Stock Acquisition Rights to buy more Bitcoin
The post Metaplanet aims to raise $62m from Stock Acquisition Rights to buy more Bitcoin appeared on BitcoinEthereumNews.com.
Metaplanet wants to raise $62 million from its upcoming series of stock acquisition rights to EVO Fund. The firm will use the funds to buy more Bitcoin for its treasury management. In a Nov. 28 press release, the Japanese investment firm announced its plans to issue its 12th Stock Acquisition Rights to EVO FUND, an investment management firm in the Cayman Islands, through a third-party allotment starting Dec. 16, 2024. Metaplanet will be issuing a total of 29,000 units. Each unit entitles EVO FUND to purchase 100 common shares. Each subscription right costs 614 yen, resulting in a total issuance price of 17,806,000 yen. If EVO FUND decides to purchase all the units offered by Metaplanet, they will acquire 2,900,000 common shares with a lower exercise price limit of 1,500 yen. Therefore, Metaplanet stands to gain more than 9,5 billion yen ($62 million) from their 12th Stock Acquisition Rights sale to EVO FUND. However, the company also noted the transaction is subject to approval from Japan’s Financial Instruments and Exchange Act. The Japanese investment firm declared that it will use the majority of the funds raised to purchase more Bitcoin(BTC), in accordance with the company’s strategic corporate treasury strategy to focus on “expanding our Bitcoin position.” “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,” stated the company in its press release. In October, Metaplanet completed its 11th series of stock acquisition rights. The company raised a total of 10 billion yen ($66 million) which it also allocated the majority of the funds to purchasing Bitcoin. Often referred to as “Asia’s MicroStrategy” by market proponents, Metaplanet has amassed the largest Bitcoin…
Filed under: News - @ November 28, 2024 1:21 pm