Metaplanet Plans to Raise $62M to Acquire More BTC

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Japanese investment firm Metaplanet plans to raise more than $62 million (9.5 billion Japanese Yen) by acquiring stocks in order to add to its Bitcoin treasury.

Currently, the company holds 1,142 Bitcoin, valued at over $109 million. On November 28, the company announced that it will 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.

According to Metaplanet’s statement, the majority of the funds raised will be used to strategically purchase more Bitcoin. The company also stated its intention to use debt and periodic stock issuance to systematically increase its Bitcoin holdings, while reducing exposure to the depreciating Japanese yen.

Metaplanet highlighted Bitcoin’s increasing prominence, as it reached an all-time high of $99,645.39 on November 22. In contrast, the Japanese yen continues to depreciate, with the USD/JPY exchange rate dropping to 154 on the same day, causing ongoing concern for the company.