Metaplanet Inc. (Tokyo: 3350), a company focusing on hotel asset management and operations, has announced detailed plans to strengthen its Bitcoin (BTC) strategy through stock sales. Earlier in August, the company’s board members approved a plan to sell common stock worth over ¥10 billion, equivalent to around $6.6 million, through a gratis allotment of the 11th series of the stock acquisition rights.
Earlier today, the company announced that it has concluded the exercise period for its 11th Stock Acquisition Rights, and achieved a 72.8 percent exercise rate.
Metaplanet highlighted that 13,774 individual shareholders participated in its stock acquisition rights. Meanwhile, the company intends to announce the final results after transferring unexercised rights to EVO FUND.
“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,” Compan’s CEO, Simon Gerovich, noted.
Metaplanet has been following the footsteps of MicroStrategy Inc., in its Bitcoin strategy to hedge against the global currency devaluation. As Coinpedia previously reported, Metaplanet currently holds about 861.387 Bitcoins, which were purchased at an average price of about ¥9,313,428 and are currently worth over ¥8 billion.
The completion of the 11th series of the stock acquisition rights will enable Metaplanet to double its Bitcoin holdings in the near term.
Market Impact
The impact of Metaplanet’s Bitcoin strategy is long-lasting, amid the mainstream adoption of web3 protocols and digital assets. Institutional investors led by spot Bitcoin ETF issuers in the United States have accelerated their BTC acquisition plan to ensure a robust future free from high inflation.
As a result, Bitcoin price is expected to follow that of Gold and major stock indexes in a bullish breakout.