Metaplanet Raises $515M for Bitcoin Purchase

Tokyo-listed Metaplanet has successfully raised 74.9 billion JPY ($515 million) to expand its bitcoin holdings. This move is part of the company's audacious plan to acquire 1% of the total bitcoin supply. According to a recent filing, EVO Fund, Metaplanet's main sponsor, converted 540,000 stock-acquisition rights into 54 million new shares, contributing significantly to the capital raised. These new shares represent 29% of the 20th warrant series, with 1.31 million rights still unexercised, equating to 131 million shares. The massive issuance follows Metaplanet's ambitious announcement to generate $5.4 billion through the sale of 555 million shares, making up about 92% of its total outstanding shares. The end goal is to gather 30,000 BTC by the end of 2025, and eventually reach 100,000 BTC by 2026, putting Metaplanet among the elite 1% BTC holders. Currently, Metaplanet holds 11,111 BTC, having purchased a batch of 1,111 BTC recently. The firm is also set on infusing $5 billion into its U.S. subsidiary as part of a global expansion strategy. Despite this financial maneuver, shares of Metaplanet dropped by 5% after the announcement, as reported by Yahoo Finance.