Metaplanet Raises $25.9M to Buy More Bitcoin

Japanese investment firm Metaplanet announced that it has raised 4 billion yen (roughly $25.9 million) to be channeled towards acquiring more bitcoins. The company is sticking to its goal of expanding its BTC stash by the end of the year.

According to an official announcement, Metaplanet raised the funds by issuing ordinary bonds to the debt and financing solutions provider EVO Fund. At bitcoin’s current trading price of $96,000, the funds raised can acquire at least 269 BTC. 

Metaplanet Raises Funds to Buy BTC

Following Metaplanet’s last bitcoin purchase, the company held 1,761 BTC at the time of writing, acquired for approximately $137 million at an average purchase price of $76,212 per coin. 

Last month, Metaplanet revealed that it intends to raise 116.65 billion yen (over $746 million) to acquire more bitcoins between 2025 and 2026. The company wants its BTC holdings to grow to 10,000 BTC by the end of 2025 and 21,000 BTC by the end of 2026.

Metaplanet entered a Stock Acquisition Rights Purchase Agreement with EVO Fund to raise the funds needed for the BTC purchases by issuing the 13th to 17th series of stock acquisition rights through a third-party allotment. Since the agreement involved issuing 21 million shares through moving strike warrants, Metaplanet named the strategy the “21 Million Plan.”

However, in its latest announcement, the Japanese investment management firm noted some changes regarding the use of the funds in the Stock Acquisition Rights Purchase Agreement. The funds raised through the issuance of the 6th Series of Ordinary Bonds will be used to acquire more BTC while the funds secured through the Stock Acquisition Rights deal will be used to redeem the bonds.

Japan’s Challenging Environment

Metaplanet said Japan’s challenging economic environment, prolonged negative interest rates, high debt levels, and persistent yen depreciation have fueled its continuous BTC acquisition. These factors have led the company to adopt BTC as its primary reserve asset. The investment firm is leveraging Bitcoin’s long-term appreciation potential to mitigate the risks associated with the depreciating yen.

“By issuing these stock acquisition rights and continuing to increase our Bitcoin holdings, we believe we can insulate ourselves from the deterioration of the yen’s value, hedge against inflation, and achieve sustainable corporate value growth,” Metaplanet said.