Japanese Firm Metaplanet Plans $68 Million Fundraise with Bitcoin Investment 🇯🇵
Japanese venture firm Metaplanet is seeking to raise approximately $68 million (¥10 billion) through a complimentary stock allotment. The company has disclosed that a significant portion of this fund, amounting to $59 million, will be dedicated to expanding its Bitcoin treasury. Dylan LeClair, the company’s Director of Bitcoin Strategy, highlighted that around ¥8.5 billion will be allocated to acquiring Bitcoin. This strategic move aims to capitalize on Bitcoin’s potential for long-term appreciation and its ability to safeguard against yen depreciation.
Metaplanet’s Bitcoin Investment Strategy 📈
– Metaplanet is often referred to as the “Japanese MicroStrategy”
– The company already holds 245.992 Bitcoin as of July 22
– Completed its 2024 goal of investing $6.8 million (¥1 billion) in BTC
– Disclosed the plan to invest in a Bitcoin treasury in April this year
The Mechanics of the Gratis Stock Allotment 💸
– Each common shareholder as of September 5 will receive one stock acquisition right per share held
– The redemption period for shareholders begins after a month with a flat rate of $3.77 (¥555) per share
– Shareholders have until October 15 to exercise their stock rights
– Unexercised stock rights by October 15 will be allocated to the company at no cost
– Metaplanet may allocate these rights at fair value to specific approved investors
Market Reaction and Share Price 📊
– The $3.77 exercise price signifies a substantial discount for shareholders
– Metaplanet shares closed at $5.05 (¥743.00) on the announcement day, reflecting a 15.5% gain
– Currently, Metaplanet boasts a market capitalization of $93 million (¥13.5 billion)
Hot Take: What This Means for Crypto Investors 🔥
If you’re keeping an eye on the evolving trends in the crypto market, Metaplanet’s strategic move to raise funds and invest in Bitcoin showcases a growing interest in digital assets among traditional financial entities. This development not only validates Bitcoin’s long-term investment potential but also highlights its role in diversifying portfolios and hedging against currency depreciation.
By
By
By