Japanese investment firm Metaplanet aims to raise $62 million (9.5 billion yen) through a stock acquisition plan to boost its Bitcoin treasury, currently holding 1,142 BTC worth over $109 million. If successful, the funds could purchase an additional 652 BTC at current prices.
Metaplanet, citing Bitcoin’s growth and concerns over the yen’s depreciation, is shifting its focus from metaverse ventures to Bitcoin accumulation as part of its treasury strategy. The stock issuance, subject to approval, will run from Dec. 16, 2023, to June 16, 2025.
The company previously raised $66 million in October for Bitcoin purchases. Its stock price has surged 1,365% over the past year but remains far below its 2013 peak.
Source: Cointelegraph
