Key Points
- Metaplanet plans to raise over 10 billion Japanese Yen to buy more Bitcoin.
- The firm’s total BTC holdings equal almost 246 BTC.
According to the latest reports from Bitcoin Magazine, Japanese company Metaplanet Inc. plans to raise 10.08 billion Japanese Yen to buy more Bitcoin.
In the official notes, Metaplanet announced that at today’s Board of Directors meeting, it was decided to conduct a gratis allotment of the 11th series of stock acquisition rights to all stakeholders.
The 11th Series of Stock Acquisition Rights
According to the report, the Stock Acquisition Rights will be allotted gratis to all common stakeholders as of September 5, 2024. The rights will allow stakeholders to acquire the common stock upon exercise.
Each common shareholder will receive one Stock Acquisition Right for each share of common stock that they hold, in proportion to their shareholding ratio.
Also, shareholders can freely decide whether to exercise the Stock Acquisition Rights. If a shareholder chooses not to exercise the rights, there will be no further action required.
To exercise the Stock Acquisition Rights, shareholders must submit an exercise request from the company and remote the exercise price. The exercise request form and remittance have to be completed within the period from the receipt of the notification and exercise request form until October 15, 2024.
If any Stock Acquisition Rights is not exercised by October 15, it will be acquired by the company for no consideration. Metaplanet may then allocate these rights at fair value to specific investors approved by the Board of Directors.
Metaplanet Holds 246 BTC
At the moment, Metaplanet holds 246 BTC worth about $13.5 million.
Back in June, the company revealed its 1 billion yen purchase plans, and on June 24, it said that it would issue bonds to raise money to buy Bitcoin.
According to official reports, the firm’s basic policy is to hold BTC for the long term. This is a similar approach to what the US-based MicroStrategy company is doing.
On June 30, Metaplanet released an official statement called Announcement of Founding Membership in the “Bitcoin for Corporations” Initiative.
The move comes following the global markets crash which saw Japan’s Topix Index down around 6% yesterday morning.