Metaplanet Stock Skyrocketed 1,272% in 2024, Plans to Raise $62M to Buy More Bitcoin

Metaplanet, a Japanese investment firm, is going all in on Bitcoin. Metaplanet stock saw 1000% rise in 2024. The company plans to raise $62 million by issuing

Japanese investment firm Metaplanet is going all in on Bitcoin. The company, which saw its stock rally 1,000% in 2024, is now planning to raise $62 million by issuing Stock Acquisition Rights (SAR) to EVO Fund.

The funds will be used to purchase more Bitcoin, as part of Metaplanet’s “Bitcoin-first” approach.

According to a press release dated November 28, starting December 16, Metaplanet will issue 29,000 units of SAR at 614 yen each. Each unit gives EVO Fund the option to buy 100 company shares.

This move is not new for Metaplanet. In October, the company raised $66 million through a similar stock sale and used much of it to buy Bitcoin.

Metaplanet’s strategy appears to be paying off, with its stock skyrocketing 1,272% this year. The aggressive Bitcoin purchases are boosting investor confidence, pushing the company into the limelight.

This year alone, Metaplanet has used several stock sales to build its Bitcoin treasury. It’s now part of a growing group of public companies betting big on the digital asset.

Metaplanet isn’t the only one buying Bitcoin. MicroStrategy, the largest institutional Bitcoin holder, recently added $5.4 billion worth of BTC. That’s its third big purchase in November.

Chinese firm SOS Limited also jumped in, spending $50 million on Bitcoin. After the news, its stock price doubled. Marathon Digital raised $1 billion through convertible notes, planning to use the funds for Bitcoin investments.

Bitcoin’s current price, near $99,000, hasn’t stopped companies from stacking. Many see it as a hedge against inflation and an asset with long-term growth potential.

Meanwhile, Bitcoin traders are bracing for turbulence after reports suggested a major shakeup on Wall Street could impact the market next year.

Crypto billionaire Michael Novogratz has warned that Bitcoin’s price might drop to $80,000 before recovering.

“There’s a lot of leverage in the system,” Novogratz, CEO of Galaxy Digital, said in a recent CNBC interview. “The crypto market is stretched thin, so a correction is likely.”

He expects Bitcoin to hover around $80,000, a level it held before the Trump administration ushered in a new era of crypto-friendly policies.

Novogratz noted that many members of the Trump cabinet are Bitcoin advocates, which could signal continued support for digital assets.

Despite short-term concerns, Novogratz remains optimistic. He predicts Bitcoin will eventually surpass $100,000, though it might briefly pull back after hitting this milestone.

“There’s not much supply right now,” he explained, adding that the market is still in a phase of price discovery.

Bitcoin and crypto prices have climbed following Donald Trump’s election victory, as many in the industry expect a lighter regulatory approach under his administration.

Dan Morehead, founder of Pantera, a crypto investment firm, forecasts that Bitcoin could soar to $740,000 by April 2028.

This would push its market capitalization to $15 trillion. Morehead compared the figure to the $500 trillion global financial market, describing it as “not inconceivable.”

“Bitcoin has already grown by three orders of magnitude,” Morehead noted in a blog post, highlighting Pantera’s Bitcoin fund’s staggering 131,165% return since 2013. Another magnitude seems possible,” he added.