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Metaplanet Inc. Plans Major Bitcoin Expansion with $6.6M Stock Sale!

Andras Crow-Hreidar by Andras Crow-Hreidar
October 21, 2024
in Crypto, News
Reading Time: 2 mins read
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Metaplanet Inc. Plans Major Bitcoin Expansion with $6.6M Stock Sale!
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Metaplanet Inc. (Tokyo: 3350), a prominent entity in hotel asset management and operations, has unveiled comprehensive plans to bolster its Bitcoin (BTC) strategy via strategic stock sales. In a significant move in August, the company’s board members sanctioned a plan to issue common stock valued at over ¥10 billion, approximately $6.6 million, through a gratis allotment of the 11th series of stock acquisition rights.

Successful Conclusion of Stock Acquisition Rights Exercise

Earlier today, Metaplanet Inc. made an important announcement regarding the conclusion of the exercise period for its 11th Stock Acquisition Rights. The company reported an impressive 72.8 percent exercise rate, with 13,774 individual shareholders actively participating in the acquisition rights. The company plans to disclose the final results following the transfer of unexercised rights to EVO FUND.

blockdag 70m

“Once completed, the total funds raised via the stock acquisition rights will reach 10 billion yen. We would like to thank all shareholders for their invaluable support and contribution, which strengthens Metaplanet’s mission of becoming a leading Bitcoin treasury company,” stated Simon Gerovich, CEO of Metaplanet.

Metaplanet’s Strategic Alignment with Bitcoin

Metaplanet Inc. is strategically aligning itself with the Bitcoin strategy adopted by MicroStrategy Inc., aiming to hedge against global currency devaluation. As previously reported by Coinpedia, Metaplanet currently holds approximately 861.387 Bitcoins, acquired at an average price of approximately ¥9,313,428, and currently valued at over ¥8 billion. With the completion of the 11th series of stock acquisition rights, Metaplanet is poised to potentially double its Bitcoin holdings in the near future.

Market Impact

The impact of Metaplanet’s Bitcoin strategy is anticipated to be profound and enduring, particularly in the context of mainstream adoption of web3 protocols and digital assets. Institutional investors, spearheaded by spot Bitcoin ETF issuers in the United States, have expedited their BTC acquisition strategies to secure a stable future, free from the constraints of high inflation.

Consequently, the Bitcoin price is projected to mirror the trends of Gold and major stock indexes, potentially leading to a bullish breakout. This strategy not only positions Metaplanet Inc. for significant growth but also enhances its role in the evolving digital economy.

Tags: Bitcoin
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Andras Crow-Hreidar

Andras Crow-Hreidar

Hi there, my name is András and I'm a business and finance journalist living in Norway. My passion lies in uncovering the latest stories in the world of finance and delivering them to my readers in a way that's clear and engaging. I cover a wide range of topics in the finance world, including cryptocurrencies, which I believe have the potential to transform the way we interact with money and financial systems.As a journalist, I'm committed to providing my readers with accurate and reliable reporting. I believe that access to high-quality information is essential for making informed decisions, whether it's about personal finances or investments. When I'm not writing about finance, I enjoy a variety of hobbies and interests.

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