The Metaplanet stock surged 6.5% on Thursday’s trading session after the company announced a fundraise of $62 million by issuing the Moving Strike Stock Acquisition Rights, in order to purchase additional Bitcoins. With a 102% surge over the past month, the stock has given three times the returns of Bitcoin’s 36% gains.
Metaplanet Stock Outperforms Amid Bitcoin Acquisition
Earlier today, Japan’s MicroStrategy Metaplanet announced the issuance of its Moving Strike Stock Acquisition Rights, with the goal of raising up to 9.5 billion yen (approximately $62 million). Thus, by using the “At-the-Market” approach as adopted by MicroStrategy, the Japanese firm raised additional capital while keeping focus on long-term Bitcoin accumulation. The announcement comes within a week of Metaplanet’s 124 Bitcoin purchases taking its total holdings past 1,100 BTC.
The company will use the proceeds from this initiative to purchase additional Bitcoin while reinforcing its position as Asia’s first Bitcoin Treasury Company. In its filing, Metaplanet said that this move would increase the amount of BTC held per share, thereby boosting the value of each Metaplanet stock by representing a larger portion of the company’s total Bitcoin holdings.
By utilizing this capital-raising method, Metaplanet aims to grow its Bitcoin reserves more rapidly than the expansion of its outstanding shares, offering significant benefits to shareholders. Speaking on this development, Metaplanet CEO Simon Gerovich stated:
“This marks the next step in an accelerated strategy to acquire more Bitcoin. It reflects our strong belief in Bitcoin as the ultimate store of value and our commitment to driving long-term shareholder value while advancing Bitcoin adoption globally. We are excited to embark on this next phase of growth and thank you for your continued support”.
Similar to the MicroStrategy stock, the Metaplanet stock has witnessed exponential gains of 1,300% since the beginning of 2024, much of which has come after making Bitcoin a part of the company’s treasury this May.
In the Japanese market, the stock’s daily trading volumes hit $174 million last week, overtaking the likes of Nintendo and Honda. This makes Metaplanet one of the hottest-performing stocks in the Japanese market.
Actually Metaplanet is the hottest stock in Japan this year. @business Feel free to reach out for an interview https://t.co/tM3YrVTFXq pic.twitter.com/UB4efg9z4b
— Simon Gerovich (@gerovich) November 25, 2024
Joining BLOK With 4.4% Stake
Metaplanet is proud to announce its inclusion in the Amplify Transformational Data Sharing ETF (BLOK), marking a significant milestone as the company continues to gain recognition as Japan’s leading Bitcoin Treasury Company.
BLOK, which focuses on companies involved in blockchain and digital asset innovation, now holds a 4.4% stake in Metaplanet, further solidifying the company’s growing presence in the global cryptocurrency space.
Courtesy: Bloomberg
Earlier today, the Bitcoin price bounced back resuming its rally to $100K levels on Thanksgiving day. Investors can see more volatility ahead of the Friday options expiry. Amid this bounce back, BTC liquidations surged to $76.15 million with over $50 million in short liquidations and $25 million in long liquidations, per the Coinglass data.
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