Metaplanet completes its 11th stock acquisition rights, securing ¥10B to purchase BTC

Metaplanet has raised 10 billion yen from its 11th stock acquisition rights sale. The funds will be used to purchase more Bitcoin in line with the company’s vision of becoming a leading Bitcoin holder.

Japanese publicly listed investment Metaplanet concluded its 11th stock acquisition rights sale, raising 10 billion yen, or approximately $66.2 million, from individual investors and investment companies in two months. The sale was initially announced in August and has involved about 13,774 investors, including the world’s largest asset management firm, BlackRock.

Metaplanet will use the funds to buy more BTC 

According to official reports from the company’s CEO, Simon Gerovich, 100% of Metaplanet’s stock acquisition rights were exercised. Simon thanked investors and shareholders who took part in the stock sale for believing in the company’s mission. The company also announced it has successfully concluded its early redemption of 2nd series ordinary bonds. 

Pleased to share that 100% of the @Metaplanet_JP Stock Acquisition Rights have been exercised, raising just over 10 billion yen ($67 million) for the company. Additionally, we’ve successfully completed the early redemption of our 2nd Series of Ordinary Bonds. pic.twitter.com/rP8LFpncrj

— Simon Gerovich (@gerovich) October 23, 2024

The asset management firm intends to use the funds raised to purchase more Bitcoin and increase its overall holdings, which aligns with Metaplanet’s vision of becoming a top Bitcoin holder. 

The company’s announcement highlighted that the total number of issued stock acquisition rights settled at 18,099,116 units after eliminating Treasury shares. The high investor turnout shows investor confidence in Bitcoin as a safe haven against inflation and economic instabilities. 

The Japanese firm embraced Bitcoin in May 2024 and adopted the digital asset as its reserve asset following a tough economic situation in Japan coupled with the depreciating yen. Since then, the company has been on a buying spree. Data from Bitcoin Treasuries indicates that Metaplanet has a balance of 861.4 BTC as of October 17th.

The company last purchased Bitcoin in mid-October, involving a transaction worth 107 BTC. The purchase made the asset management firm rank among the top three in Asia Pacific’s Bitcoin holders list. 

According to data from Bitcoin Treasuries, the company had also made previous purchases at the beginning of October worth 132 BTC. The data also reveals that the firm’s largest single-day purchase was 109 BTC on October 11th.

Metaplanet earns 23 Bitcoin from premium put options

On October 3rd, the company earned 23.97 Bitcoin in premium income after selling put options to Singaporean digital asset trading firm QCP Capital. The two companies traded 223 Bitcoin put option contracts maturing on 27th December this year at a strike price of $62,000 per coin. 

The margin collateral was $13.826 million, and the premium for each contract was 0.1075 BTC. The nominal yield was 10.75%, while the annual yield settled at 45.63%.

Simon Gerovich publicly admitted to following Michael Saylor’s playbook. The CEO credited Saylor for “paving the way” for companies to enter the crypto market and specifically buy Bitcoin through his software company, Microstrategy. 

Microstrategy is the largest corporate Bitcoin holder with a balance of 252,220 coins. The company’s last purchase was on September 20th, a transaction worth 7,420 Bitcoin valued at $9.9 million. Before the purchase, the company had bought 18,300 BTC on September 13th at an average price of $58,732 per coin.