Japanese investment firm Metaplanet Inc. has raised 10 billion yen ($66 million) after completing its share rights program, attracting participation from 13,774 individual shareholders.
The capital injection comes as the Tokyo-listed company continues its aggressive push into Bitcoin investments.
The share rights period, which lasted from September 6 to October 15, allowed shareholders to purchase Metaplanet shares at a discounted price. The company has been outspoken about its strategy to adopt Bitcoin as a treasury reserve asset, and the recent fundraising effort reinforces its mission to expand its Bitcoin holdings.
Simon Gerovich, CEO of Metaplanet, said: “We would like to thank all shareholders for their valuable support and contribution, which strengthens Metaplanet’s mission to become a leading Bitcoin treasury company.” The company has not yet revealed how it will allocate the newly raised funds, but its recent activity suggests a continued focus on Bitcoin acquisitions.
Earlier this month, Metaplanet acquired another 106,976 BTC, worth around 1 billion yen ($6.6 million), bringing its total Bitcoin assets to 855,478 BTC, valued at around $57.4 million at prices current market trends. The company also increased its put options on Bitcoin, changing the strike price from $66,000 to $62,000, signaling its optimism about the cryptocurrency’s future.
Despite the successful fundraising, Metaplanet’s share price closed 6.57% lower at 1,110 yen on Wednesday. However, the stock has shown a strong performance over the past year, rising 6.53% last month and an impressive 593.75% year to date.
In the corporate world of Bitcoin, Metaplanet still trails industry giants like MicroStrategy, led by Michael Saylor, which holds 252,220 BTC, and Marathon Digital, which holds 26,842 BTC, according to data from BitcoinTreasuries.
Since adopting bitcoin as a reserve asset in May to hedge against the volatility of Japan’s native currency, Metaplanet has spent nearly 6 billion yen on the leading cryptocurrency, with an average cost of 9.3 million yen per BTC. This positions Metaplanet as the second largest bitcoin holding among listed companies in Asia, after Meitu (1357), which holds nearly 941 BTC.
However, both firms lag far behind Tysons Corner, Virginia-based MicroStrategy, which has amassed more than 252,000 BTC, becoming the largest publicly traded bitcoin holder.
Last month, the firm partnered with SBI VC Trade, the crypto arm of SBI Group, to access compliant corporate custody services.
Metaplanet CEO Simone Gerovich said the partnership will support Metaplanet’s Bitcoin accumulation strategy by engaging key stakeholders in Japan.
Metapianeta added that access to a compliant corporate custody service is a key component of the partnership, which prioritizes tax efficiency and considers using Bitcoin as collateral for financing.
