Metaplanet, a Japanese investment adviser, recently completed its 11th series of stock acquisition rights, raising a total of $66 million. The stock acquisition rights were initially announced on Aug. 6, offering shareholders the opportunity to purchase new shares at a discounted rate of 555 yen per share. This move was made as part of Metaplanet’s strategy to hedge against volatility in the yen by adopting bitcoin as a reserve asset in May.
During the stock acquisition rights period, which ran from Sept. 6 to Oct. 15, a total of 18.1 million stock rights were issued. Of these, 72.8% were exercised by shareholders, equivalent to 13,774 individuals. As a result, 13.2 million shares were issued, raising 7.32 billion yen ($48.5 million).
For shareholders who chose not to exercise their stock acquisition rights, totaling 1.7 million units, these were transferred to MMXX Ventures Limited, CEO Simon Gerovich, and EVO Fund at no charge. This transfer amounted to 10 billion yen ($66 million) in total capital raised, with 5.7 billion yen ($37.8 million) allocated to EVO Fund.
Metaplanet’s decision to issue stock acquisition rights at a discounted rate allowed shareholders to benefit from the opportunity to acquire new shares at a lower price. This move ultimately resulted in a successful fundraising effort, securing significant funds for the company’s operations and future growth.
As an award-winning media outlet covering the cryptocurrency industry, CoinDesk maintains strict editorial policies to ensure integrity, editorial independence, and freedom from bias. CoinDesk is part of the Bullish group, which invests in digital asset businesses and digital assets. It’s important to note that CoinDesk employees, including journalists, may receive equity-based compensation from the Bullish group.
Overall, Metaplanet’s successful completion of its stock acquisition rights program demonstrates investor confidence in the company’s growth prospects and strategic initiatives. By leveraging the opportunity to raise significant funds through this program, Metaplanet is well-positioned to further expand its operations and capitalize on emerging opportunities in the dynamic cryptocurrency market.
