Metaplanet will raise $62 million to buy more Bitcoin

Investment firm Metaplanet, known as Japan's MicroStrategy, plans to raise more than $62 million to buy more bitcoin through a rights issue, and said adding more btc to its holdings is “urgent.”

In a statement on November 28, Metaplanet said: “we recognize the urgent importance of increasing our bitcoin holdings and have therefore decided to continue this fundraising initiative.” The company currently holds 1,142 bitcoin.

<img fetchpriority="high" decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/11/Metaplanet-will-raise-62-million-to-buy-more-Bitcoin.jpeg" alt="Japanese company Metaplanet will add $659 million in bitcoin t”/>

Metaplanet Eyes btc's Rising Prominence as Yen 'Continues to Depreciate'

Metaplanet said in his statement which would issue a 12th share right to the Cayman Islands-based EVO Fund through a third-party allocation of 29,000 units.

<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”7.3531914893617″>

*Metaplanet announces rights issue of Moving Strike shares to raise up to 9.5 billion yen ($62 million) for accelerated bitcoin accumulation* pic.twitter.com/bL7rs6Qkk4

– Metaplanet Inc. (@Metaplanet_JP) <a target="_blank" href="https://twitter.com/Metaplanet_JP/status/1862025292946031045?ref_src=twsrc%5Etfw”>November 28, 2024

“The majority of the funds raised this time will be strategically allocated for the purchase of more bitcoin”Metaplanet said in its statement. The investment firm then highlighted the prominence of the leading cryptocurrency, which it says “continues to grow.”

Meanwhile, the “Japanese yen continues to depreciate,” he said, adding that he will “systematically increase” his btc holdings.

The company's biggest push for btc follows the all-time high of $99,645.39 that the cryptocurrency set on November 22. The USD/JPY exchange rate returned to “the 154 level on the same day, presenting ongoing concerns,” Metaplanet said in the statement.

If the share acquisition is approved under Japan's Financial Instruments and Exchange Act, it would be executed between December 16 and June 16, 2025.

Metaplanet stocks Up 2,150% Year To Date

Metaplanet first revealed its plans to purchase bitcoin in April. The investment firm's most recent stock vesting rights were in October and resulted in a total raise of $66 million. These funds were then allocated to the purchase of bitcoin.

the company bitcoin The purchases throughout the year have been accompanied by a sharp increase in Metaplanet's share price. So far this year, Metaplanet shares are up 2,150%, according to <a target="_blank" href="https://www.google.com/finance/quote/3350:TYO?sa=x&sqi=2&ved=2ahUKEwiGncjlhYGKAxXH2gIHHceHM9IQ3ecFegQIQxAf”>Google Finance data.

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