Metaplanet announced in a press release on November 28 that it plans to issue its 12th series of Stock Acquisition Rights to the EVO Fund, an investment management firm based in the Cayman Islands.
The third-party allotment is scheduled to begin on December 16, 2024.
Metaplanet will issue a total of 29,000 units, with each unit granting the EVO Fund the right to purchase 100 ordinary shares. The subscription price for each right is 614 yen, resulting in a total issuance of 17,806,000 yen.
If EVO Fund opts to purchase all the units offered by Metaplanet, it will acquire 2,900,000 common shares at an exercise price of 1,500 yen per share. This would result in Metaplanet securing over 9.5 billion yen (approximately $62 million) from selling its 12th series of Stock Acquisition Rights to EVO Fund. However, the company also stated that the transaction is subject to approval under Japan’s Financial Instruments and Exchange Act.
The Japanese investment firm has confirmed that most of the funds raised will be directed towards acquiring more Bitcoin, aligning with its corporate treasury strategy aimed at “expanding our Bitcoin position.” They further stated,
“We are adopting a Bitcoin-first, Bitcoin-only approach to treasury management. It is our intention to utilize debt and periodic stock issuance to systematically increase our Bitcoin holdings while minimizing our exposure to a depreciating yen.”
This news comes on the heels of Metaplanet’s recent announcement of joining the Amplify Transformational Data Sharing ETF (BLOK), a global index focusing on blockchain technology investments. The firm revealed its addition to the ETF, which includes 53 companies, such as MicroStrategy, Robinhood, Nvidia, and SBI Holdings. With over $930 million in net assets, BLOK remains a significant player in blockchain investments. Metaplanet is expected to hold an initial weight of 2.9% in the ETF.
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