Metaplanet Plans Major Bitcoin Acquisition Amid Yen Depreciation

According to Cointelegraph, Japanese investment firm Metaplanet is set to raise over $62 million (9.5 billion Japanese Yen) through a stock acquisition plan aimed at increasing its Bitcoin holdings. Currently, the firm's treasury holds 1,142 Bitcoin, valued at over $109 million. In a statement released on November 28, Metaplanet announced its intention to issue a 12th Stock Acquisition Rights to EVO Fund, an investment management firm based in the Cayman Islands, through a third-party allotment of 29,000 units. The company emphasized that the majority of the funds raised will be strategically allocated for purchasing additional Bitcoin. Metaplanet has expressed its strategy to utilize debt and periodic stock issuance to systematically increase its Bitcoin holdings while mitigating exposure to the depreciating yen. The firm highlighted Bitcoin's growing prominence, noting its all-time high of $99,645.39 on November 22, and contrasted this with the ongoing depreciation of the Japanese yen, which saw the USD/JPY exchange rate return to the 154 level on the same day. Metaplanet recognizes the urgent need to increase its Bitcoin holdings under these circumstances and has decided to proceed with the fundraising initiative. If approved under Japan’s Financial Instruments and Exchange Act, the stock acquisition is scheduled to run from December 16 to June 16, 2025. Should Metaplanet successfully raise the full $62 million, it could potentially purchase approximately 652 additional Bitcoin at the current price of $95,000. In light of these developments, Metaplanet has decided to put its metaverse-related business plans on hold, citing a lack of profitability prospects. Instead, the firm is incorporating the purchase and holding of Bitcoin as part of its corporate treasury strategy. In October, Metaplanet completed its 11th Stock Acquisition Rights, raising a total of $66 million (10 billion Japanese yen), which was also allocated to purchasing Bitcoin. The firm initially announced its plans to buy Bitcoin in April. Metaplanet's stock price has seen a significant increase of 1,365.63% over the past year, currently standing at about $15.60 (2,345 Japanese yen), according to Google Finance. However, it remains below its all-time high of $2,521.76 (379,000 Japanese yen) set on February 22, 2013. A growing number of other firms have also added Bitcoin to their balance sheets this year. Notably, YouTube alternative Rumble confirmed plans to buy Bitcoin on November 25, and artificial intelligence firm Genius Group purchased 110 Bitcoin for $10 million on November 18. Tech solution provider Semler Scientific acquired an additional 215 Bitcoin for $17.7 million in cash between November 6 and 15, increasing its total holdings to 1,273.