Metaplanet Inc. has successfully raised 10 billion yen ($66 million) by completing its 11th stock acquisition rights exercise.
This comes as the company’s publicly-traded shares are up by 6.53% in the past month and have skyrocketed by 593.75% year-to-date.
Over 13,000 Shareholders Participated in Exercise
In an October 22 statement posted on X, Metaplanet’s CEO, Simon Gerovich, expressed gratitude to shareholders for their ongoing support.
Additionally, the Japanese investment firm disclosed on October 23 that 13,774 individual shareholders participated in the event, buying the new shares at a discounted price of 555 yen each. The stock acquisition rights program was first announced on August 6, when its share price was approximately 700 yen.
The rights were issued at no cost, with one stock acquisition right granted for every ordinary share held. The operation ran from September 6 to October 15, during which shareholders could either use their rights or let them expire.
Of the 18.1 million stock rights issued, 72.8% were exercised, resulting in the issuance of 13.2 million shares and raising 7.32 billion yen ($48.5 million).
The remaining unexercised 1.7 million units were transferred at no cost to key stakeholders, including MMXX Ventures Limited, CEO Gerovich, and the EVO Fund. The transfer to the EVO Fund alone accounted for 5.7 billion yen ($37.8 million), bringing the total capital raised to 10 billion yen.
Metaplanet to Buy More Bitcoin?
While Metaplanet has not officially disclosed how it plans to use the newly raised funds, its recent activities suggest there could be further investments in Bitcoin (BTC). In May, the company announced the adoption of Bitcoin as a strategic treasury reserve asset and has since been on a buying spree.
In June, it acquired 23.351 BTC, valued at nearly $1.6 million, which caused its share price to jump 10.8%. That purchase was followed by another 42.4 coins, this time bought for $2.4 million, bringing the company’s total holdings to 203.7 BTC.
The drive did not end there. Metaplanet was involved in several other deals, including one for 57.273 coins at $3.4 million. Earlier this month, the firm added another 106.976 BTC to its reserves, a purchase worth approximately 1 billion yen ($6.6 million).
As of now, it holds 861.4 BTC, valued at $57.3 million at current market prices, according to BitcoinTreasuries.net.
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