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Metaplanet’s gains 644% YTD amidst ¥10B Bitcoin acquisition

October 23, 2024
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Metaplanet’s gains 644% YTD amidst ¥10B Bitcoin acquisition
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  • Metaplanet raises 10 billion yen to expand its Bitcoin holdings, following MicroStrategy’s lead.
  • Despite a 5.85% stock drop, Metaplanet boasts 644% year-to-date gains.

Japanese firm Metaplanet has recently gained attention for significantly increasing its Bitcoin [BTC] holdings.

As of the latest update, Metaplanet, often referred to as Asia’s MicroStrategy, has raised 10 billion Yen in fresh capital through its recent stock sale under the 11th series of Stock Acquisition Rights.

Metaplanet’s new Bitcoin strategy

In fact, according to the latest data from Bitcoin Treasuries, Metaplanet recently made two substantial BTC acquisitions on the 15th and 16th of October, pushing the company’s total Bitcoin balance to 861.4 BTC.

This highlights the company’s plans to follow MicroStrategy’s lead by using these funds to expand its Bitcoin holdings.

With 13,774 shareholders participating, the exercise of these rights was fully backed by EVO FUND, resulting in significant proceeds.

Meanwhile, Bitcoin saw over 2% price dip after facing resistance at the $69,000 mark, reflecting ongoing volatility in the market.

As of the latest update from CoinMarketCap, BTC was trading at $66,942. 

Metaplanet’s CEO weighs in

Remarking on the same, Metaplanet CEO Somin Gerovich noted, 

“Metaplanet Inc. has concluded the exercise period for its 11th Stock Acquisition Rights, achieving a 72.8% exercise rate with participation from 13,774 individual shareholders.” 

He added, 

“The Company has also approved the transfer of unexercised rights to EVO FUND, which has committed to exercising all transferred rights by October 22, 2024.” 

Gerovich explained that once the process of issuing stock acquisition rights is fully completed, Metaplanet will have successfully raised a total of 10 billion yen.

See also  Bitcoin finds its footing despite German sell-off as key area surges

He further expressed gratitude to its shareholders for their support and financial contributions, which are crucial for its goal of becoming a major holder of BTC.

The “final results” refer to the complete accounting and reporting of the funds raised after EVO FUND (the entity involved in exercising these stock acquisition rights) completes its transaction.

All in all, Metaplanet is updating its shareholders on the progress and reaffirming its commitment to using the capital to advance its Bitcoin-focused mission. 

Impact on Metaplanet’s share price

After today’s stock sale, Metaplanet’s share price saw a significant decline, falling by 5.85% to below 1,200 JPY.

Despite this drop, the company remains in strong standing with a remarkable 644% increase in year-to-date gains.

As of the latest update, Metaplanet’s stock price further dipped by 6.09%, trading at 1,188 JPY.

Metaplanet

Source: Google Finance

This volatility reflects the market’s immediate reaction to the stock sale, yet the company’s overall performance continues to demonstrate impressive growth in the longer term.

Hence, by embracing BTC, Metaplanet seeks to navigate Japan’s challenging economic conditions marked by negative interest rates and quantitative easing.

This bold approach positions the company to hedge against the country’s financial challenges while aligning with the global shift towards digital assets.

Previous: Render: As bullish momentum builds, what are RNDR’s next levels?
Next: USDT market cap hits $120B: How Tron, Ethereum played a role

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

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  • Metaplanet raises 10 billion yen to expand its Bitcoin holdings, following MicroStrategy’s lead.
  • Despite a 5.85% stock drop, Metaplanet boasts 644% year-to-date gains.

Japanese firm Metaplanet has recently gained attention for significantly increasing its Bitcoin [BTC] holdings.

See also  Bitcoin: Selling BTC at a loss? Well, here's the bright side...

As of the latest update, Metaplanet, often referred to as Asia’s MicroStrategy, has raised 10 billion Yen in fresh capital through its recent stock sale under the 11th series of Stock Acquisition Rights.

Metaplanet’s new Bitcoin strategy

In fact, according to the latest data from Bitcoin Treasuries, Metaplanet recently made two substantial BTC acquisitions on the 15th and 16th of October, pushing the company’s total Bitcoin balance to 861.4 BTC.

This highlights the company’s plans to follow MicroStrategy’s lead by using these funds to expand its Bitcoin holdings.

With 13,774 shareholders participating, the exercise of these rights was fully backed by EVO FUND, resulting in significant proceeds.

Meanwhile, Bitcoin saw over 2% price dip after facing resistance at the $69,000 mark, reflecting ongoing volatility in the market.

As of the latest update from CoinMarketCap, BTC was trading at $66,942. 

Metaplanet’s CEO weighs in

Remarking on the same, Metaplanet CEO Somin Gerovich noted, 

“Metaplanet Inc. has concluded the exercise period for its 11th Stock Acquisition Rights, achieving a 72.8% exercise rate with participation from 13,774 individual shareholders.” 

He added, 

“The Company has also approved the transfer of unexercised rights to EVO FUND, which has committed to exercising all transferred rights by October 22, 2024.” 

Gerovich explained that once the process of issuing stock acquisition rights is fully completed, Metaplanet will have successfully raised a total of 10 billion yen.

He further expressed gratitude to its shareholders for their support and financial contributions, which are crucial for its goal of becoming a major holder of BTC.

See also  As Bitcoin miners move to Kaspa [KAS], will BTC fall even more?

The “final results” refer to the complete accounting and reporting of the funds raised after EVO FUND (the entity involved in exercising these stock acquisition rights) completes its transaction.

All in all, Metaplanet is updating its shareholders on the progress and reaffirming its commitment to using the capital to advance its Bitcoin-focused mission. 

Impact on Metaplanet’s share price

After today’s stock sale, Metaplanet’s share price saw a significant decline, falling by 5.85% to below 1,200 JPY.

Despite this drop, the company remains in strong standing with a remarkable 644% increase in year-to-date gains.

As of the latest update, Metaplanet’s stock price further dipped by 6.09%, trading at 1,188 JPY.

Metaplanet

Source: Google Finance

This volatility reflects the market’s immediate reaction to the stock sale, yet the company’s overall performance continues to demonstrate impressive growth in the longer term.

Hence, by embracing BTC, Metaplanet seeks to navigate Japan’s challenging economic conditions marked by negative interest rates and quantitative easing.

This bold approach positions the company to hedge against the country’s financial challenges while aligning with the global shift towards digital assets.

Previous: Render: As bullish momentum builds, what are RNDR’s next levels?
Next: USDT market cap hits $120B: How Tron, Ethereum played a role
Tags: 10BacquisitionBitcoingainsMetaplanetsYTD

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