Japanese public company Metaplanet has said it will raise over 100 billion Japanese yen (around $745 million), to buy more of the world’s leading cryptocurrency. It’s no surprise that the strategy is that of MicroStrategy, the American business intelligence firm that now looms large over bitcoin.
In order to fund this ambitious purchase, Metaplanet said it offers 21 million new share subscription rights at a 0% discount rate. This is likely to be the largest Bitcoin acquisition in Asia’s financial markets to date and caused waves within the crypto sphere. Chinese crypto journalist Colin Wu was quick on the scene with his announcement.
Metaplanet’s Bitcoin Acquisition Strategy
This is the latest in Metaplanet’s ongoing Bitcoin acquisition strategy, after releasing its fourth series of ordinary bonds in December 2024. Its goal was to sell this bond, raising 4.5 billion yen (about $30 million), which in turn flowed directly to expanding Metaplanet’s BTC reserve.
It has been a busy period for BTC focused firms, like MicroStrategy, that are aggressively expanding their Bitcoin holdings. Earlier this week, it came out that Michael Saylor’s company MicroStrategy had bought another $1.1 billion worth of BTC. It’s the 12th consecutive week the company has done a major BTC purchase, taking its total BTC holdings to more than 471,000, worth around $47 billion.
The announcement comes just a few days after MicroStrategy announced interest in redeeming more than $1 billion of convertible debt notes that are due to mature in 2027. More than that, the company has said it intends to pay off these notes this year, in part, with a portion of BTC holdings, solidifying its resolve to Bitcoin.
MicroStrategy and many other like it have placed attention on the Metaplanet as these companies prepare for Bitcoin’s adoption into corporate America.
