Japanese investment firm Metaplanet has secured 74.9 billion Japanese Yen (approximately $510 million USD) as part of its bold strategy to accumulate Bitcoin treasury reserves.
The funds, raised through the issuance of 54 million shares, represent an initial 10% tranche of the firm’s ambitious ‘555 Million Plan,’ which targets a total of $5.4 billion to purchase 210,000 Bitcoin by 2027. Metaplanet currently holds 11,111 BTC, yielding a reported 306.7% year-to-date return on its cryptocurrency holdings.
Concurrently, Metaplanet utilized proceeds from stock acquisition rights to redeem $281 million worth of bonds. This strategic debt reduction aims to optimize the firm’s structure for its primary goal of large-scale Bitcoin acquisition.
Market reaction has been volatile following the capital raise announcement; Metaplanet’s stock declined 4% to 1,458 yen per share. Nevertheless, the shares have surged nearly 297% year-to-date, reflecting strong investor interest despite recent fluctuations.
The current Bitcoin price remains relatively stable at approximately $106,200. Market analysts attribute this stability to easing geopolitical concerns and heightened activity in Bitcoin futures markets.