Metaplanet, a Japanese investment firm, is set to raise ¥9.5 billion (approximately $62 million) through a new series of stock acquisition rights to EVO FUND, a Cayman Islands-based investment management firm. The funds will be used to further expand Metaplanet’s Bitcoin holdings as part of its ongoing treasury management strategy.
In a press release on November 28, Metaplanet revealed it will issue its 12th series of Stock Acquisition Rights starting December 16, 2024. A total of 29,000 units will be offered, each entitling EVO FUND to purchase 100 common shares at a subscription price of ¥614 per unit. If EVO FUND exercises all the rights, they will acquire 2.9 million shares, raising more than ¥9.5 billion for Metaplanet.
The transaction, however, is subject to approval under Japan’s Financial Instruments and Exchange Act.
The majority of the funds raised will go towards purchasing more Bitcoin, in line with Metaplanet’s “Bitcoin-first” treasury strategy. The firm emphasized its commitment to using both debt and periodic stock issuance to grow its Bitcoin holdings while reducing exposure to the depreciating yen.
In October 2024, Metaplanet completed its 11th series of stock acquisition rights, raising ¥10 billion ($66 million), which was also largely allocated to increasing its Bitcoin reserves.
Metaplanet, often dubbed “Asia’s MicroStrategy,” currently holds the largest Bitcoin stash in Japan—1,142 BTC, valued at approximately $109.36 million at current market prices.
The firm has recently made headlines with its inclusion in the Amplify Transformational Data Sharing ETF (BLOK), a global index that includes blockchain leaders such as MicroStrategy, SBI Holdings, and Nvidia. Metaplanet’s CEO, Simon Gerovich, highlighted the firm’s position as “Japan’s leading Bitcoin Treasury Company,” underscoring its leadership in the growing global crypto space.
