Metaplanet Raises 10B Yen (US$79M) to Expand Bitcoin (BTC) Portfolio

Japanese company Metaplanet Inc. managed to raise 10 billion yen (around Rp1 trillion) through their 11th rights issue program. This fund will be used to expand the Bitcoin portfolio, which currently reaches 861 BTC, worth around Rp896 billion (around 57.3 million US Dollars).

On October 22, Metaplanet CEO Simon Gerovich thanked more than 13,000 participating shareholders. The high participation, with 72.8% of the published 18.1 million rights of shares successfully executed, shows strong support from investors. Metaplanet's share price jumped 6.53% in the past month and rose 593.75% since the start of this year, describing a promising growth potential.

The rights issue program, as reported by Crypto Potato, ran from September 6 to October 15, offering new shares for 555 yen (around Rp57,131). A total of 13,774 shareholders bought shares at a discounted price, raising around 7.32 billion yen (around Rp753 billion). The remaining unexecuted shares were allocated free of charge to key stakeholders, accounting for an additional 5.7 billion yen (around Rp586 billion), totaling 10 billion yen.

Since May, Metaplanets have adopted Bitcoin as a strategic reserve asset. The company has made significant purchases, including 23,351 BTC worth nearly IDR 25 billion (about 1.6 million US Dollars) in June, as well as several other purchases to reach a total of 861 BTC with a value of around IDR 896 billion (approximately 57.3 million US Dollars) according to BitcoinTreasuries.net data.

Metaplanet investment in Bitcoin shows commitment to digital assets, but Bitcoin price volatility remains a challenge. If the Metaplanets can overcome this challenge, they have the potential to become the main players in the global crypto world. The success of this fundraising shows investor support strength and Metaplanet commitment to adapt and develop in a competitive crypto world.