TL;DR
- Metaplanet raised 10 billion yen through a stock sale.
- The company continues to expand its Bitcoin reserves, accumulating more than 850 BTC since May 2024.
- EVO FUND and BlackRock were key players in this new phase of expansion.
Metaplanet, known as the “MicroStrategy of Asia,” has taken a major step in its Bitcoin acquisition strategy, raising 10 billion yen through a share sale.
The company is looking to take advantage of the recent pullback in the price of Bitcoin, which fell 2% after failing to break through the $69,000 resistance, to increase its holdings of the cryptocurrency.
*Metaplanet Announces Results of Stock Acquisition Rights Exercise* pic.twitter.com/MquO6JFNEX
— Metaplanet Inc. (@Metaplanet_JP) October 22, 2024
The news was originally reported by Kosta Gushterov on October 22, 2024.
The share sale, in which more than 13,000 shareholders participated, included a crucial role from EVO FUND, whose backing was instrumental in securing the 10 billion yen in proceeds.
Metaplanet, under the leadership of its CEO, Somin Gerovich, has confirmed that EVO FUND will exercise all of its rights by October 22, 2024, thereby securing full funding. This move is seen as part of a broader strategy to capitalize on the growing corporate interest in digital assets, backed also by heavyweight institutions such as BlackRock.
Even though Metaplanet’s share price dropped by 5.85% following the sale, its stock value is still showing an impressive 644% increase year-to-date. This growth is largely driven by the company’s increasing Bitcoin accumulation, which has reached over 850 BTC since May 2024.
The involvement of institutional players such as BlackRock highlights a broader trend of interest from large corporations towards digital assets, marking a significant shift in the perception of Bitcoin in traditional markets.
MetaPlanet’s continued expansion in the digital space
The success of this share sale positions Metaplanet as a key player in the Asian Bitcoin ecosystem, compared to the strategy adopted by MicroStrategy in the United States.
The company has bet heavily on Bitcoin as a way to protect its long-term value and take advantage of potential future increases in the cryptocurrency’s price. With more than 850 BTC accumulated since May of this year, Metaplanet seems committed to continuing to increase its cryptocurrency reserve.
EVO FUND‘s participation in this sale not only secures the capital needed to continue buying Bitcoin, but also underlines the growing interest from investment funds in digital assets. In addition, BlackRock‘s backing reinforces the legitimacy of these investments, which could attract more companies and institutions to follow this path.
This move also comes at a key time for the Bitcoin market, which has seen volatility in its price in recent weeks.
By failing to break through the resistance level of $69,000, many institutional investors see this as a buying opportunity before a possible new price rise. For Metaplanet, the strategy seems clear: take advantage of every drop in the price of Bitcoin to continue accumulating and strengthen its position in the market.
Time will tell if this long-term strategy will bear fruit, but with such a significant rise in its share price this year, Metaplanet’s bet on Bitcoin has already proven successful in many ways.
