Japanese Bitcoin treasury Metaplanet has introduced a plan to add to its already significant holdings of the asset, part of a recent surge of companies that are increasing their totals.
The Tokyo Stock Exchange-listed company said it was looking to raise $5.3 billion by issuing 555 million shares through stock acquisition rights.
In a post on the social media platform X, the company‘s CEO Simon Gerovich said that the pricing of stock acquuistion rights issuance "ABOVE market"...was "a notable departure from the typical 8 to 10 percent discount" of similar financings."
"Bitcoin sets a new benchmark for capital formation," he wrote, adding that "Bitcoin sets a new benchmark for capital formation."
Metaplanet—which has been dubbed "Asia‘s MicroStrategy"—started buying Bitcoin last year and now holds 8,888 BTC worth nearly $934 million at today‘s prices. Last year, it pivoted from its core hotel and technology business to become a Bitcoin treasury. It is aiming to acquire 210,000 Bitcoin, about 1 of the overall supply, by 2027 as part of a master plan.
Metaplanet ranks among the best-known "Bitcoin treasuries"—a firm that buys and holds BTC and allows shareholders to get exposure to the asset without the risks involved in holding it directly.
The company has followed a path popularized by Nasdaq-listed Strategy (formerly MicroStrategy), which started buying Bitcoin in 2020. Strategy now almost exclusively works to buy BTC and investors buy its stock as a proxy to the leading cryptocurrency.
It‘s the largest corporate holder of Bitcoin, with 580,250 virtual coins—or nearly $61 billion worth of the asset.
Bitcoin was recently trading for a little over $105,000 per coin, up 1.1 over the past 24 hours. It started rallying after a two-week slump in which it has dropped 4.
Metaplanet stock was recently trading up by 24 on Friday, according to Yahoo Finance data.The company’s share price has risen more than 600 over the past year.
Edited by James Rubin
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