Metaplanet Inc. raised $66 million through its 11th stock acquisition rights exercise amid a 6.53% monthly rise in its share price.
By exercising its 11th stock buying rights, Metaplanet Inc. raised 10 billion yen, which is about $66 million.
Shares of the company sold on the stock market have increased by 6.53% in the last month and by 593.75% so far this year.
Over 13,000 Shareholders Participated in Exercise
Simon Gerovich, Metaplanet’s CEO, thanked shareholders for their continued support in a statement made on X on October 22.
Another thing the Japanese investment firm said on October 23 was that 13,774 individual owners bought new shares at a lower price of 555 yen each. The scheme to buy stock was first announced on August 6, when the price of a share was about 700 yen.
The rights were given away for free, and one stock acquisition right was given for every ordinary share owned. It was open from September 6 to October 15, and owners could use their rights or let them lapse.
72.8% of the 18.1 million stock rights that were given out were exercised, which led to the release of 13.2 million shares and the raising of 4.85 billion yen ($48.5 million).
The last 1.7 million units that hadn’t been used were given away for free to important people, like MMXX Ventures Limited, CEO Gerovich, and the EVO Fund. 5.7 billion yen ($37.8 million) was sent to the EVO Fund alone, taking the total amount of money raised to 10 billion yen.
Metaplanet to More Bitcoin ?
Metaplanet hasn’t said how it will spend the new money, but the company’s recent actions make it look like it might be investing more in Bitcoin (BTC). The company said in May that it would use Bitcoin as a strategic bank reserve asset, and they have been buying a lot of it since then.
It bought 23.351 BTC in June, worth almost $1.6 million. This made the price of its shares jump 10.8%. The company then bought 42.4 more coins, this time for $2.4 million. This brought their total shares to 203.7 BTC.
That was not the end of the drive. Metaplanet was involved in several other deals, one of which was for 57.273 coins worth $3.4 million. The company bought an extra 106,976 Bitcoin earlier this month, which was worth about 1 billion yen ($6.6 million).
Currently, BitcoinTreasuries.net says it has 861.4 BTC, which is worth $57.3 million at the present market price.
