Tokyo-listed firm Metaplanet has raised ¥74.9 billion (approximately $515 million) to expand its Bitcoin holdings. The financing coincides with its plans to acquire 1% of Bitcoin's total supply.
Funding and Bitcoin Acquisition
According to the company's announcement, its primary backer, EVO Fund, exercised stock-acquisition rights, converting 540,000 rights into 54 million new shares. This issuance represents 29% of the total rights issued in Metaplanet's 20th warrant series.
Planned Share Issuance and Company Goals
Metaplanet published its intentions to issue 555 million shares, accounting for approximately 92% of the total outstanding shares, to raise $5.4 billion in new capital. This initiative is dubbed the '555 Million Plan' and is part of Metaplanet's goal to accumulate 30,000 BTC by the end of 2025.
Metaplanet's Rank Among Bitcoin Reserves
Recent data from BitcoinTreasuries.net shows Metaplanet currently holds 11,111 BTC after a recent purchase of 1,111 BTC. This increase in reserves positions the company to surpass Coinbase in Bitcoin held and catch up with Tesla, which has 11,509 BTC.
Currently, Metaplanet aims to enlarge its Bitcoin reserves and is establishing a strong market presence that could influence its standing among leading Bitcoin holders.
