Japanese Investment Firm Metaplanet Plans to Raise $62 Million Via Stock Acquisition Plan to Increase Bitcoin Holdings

The company shared a statement announcing that it will partner with Cayman Island based investment management firm EVO FUND and will issue 29,000 SARs units

Japanese investment firm Metaplanet has announced plans to raise $62 million through a stock acquisition plan, adding to its existing Bitcoin (BTC) holdings. According to a statement on Friday, the company will partner with Cayman Island based investment management firm EVO FUND and issue 29,000 SARs units at the cost of 614 Japanese Yen. The total amount of Issuance is 17,806,000 Yen, with each group entitling EVO FUND to invest in 100 common shares. As per the report, EVO FUND will be able to buy the company’s stock on the allocation date of Dec, 16. The move comes as Metaplanet is ramping up its BTC exposure, intending to “utilize debt and periodic stock issuance” to increase its Bitcoin holdings and reduce exposure to a depreciating yen. The company also recently acquired the licensing rights to launch the Bitcoin Magazine in Japan, highlighting its efforts to bolster the nation’s Bitcoin ecosystem. Metaplanet notes that Bitcoin is rallying and surging further after meeting an all-time high of $99,645.39 on Nov. 22. The company said “It is recognizing the urgent importance of increasing the Bitcoin holdings and has therefore decided to proceed with this fundraising initiative,” pointing to Bitcoin’s recent price hikes. If Metaplant manages to raise a full amount of 62 million, it could purchase approximately 652 additional Bitcoin in December. The announcement follows a recent move by another Japanese firm, Remixpoint, which purchased $3.27 million in Bitcoin to hedge against the depreciating yen.