The Japanese giant will raise millions of dollars for additional Bitcoin purchases.

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The Japanese investment giant Metaplanet aims to raise $62 million to expand its Bitcoin assets. The company announced that it will carry out the investment through the EVO Fund based in the Cayman Islands. Metaplanet's strategic move comes after Bitcoin reached record highs and as the Japanese yen depreciates.

Metaplanet Adds New Bitcoin Assets

The Japanese investment giant Metaplanet is initiating a new capital increase to strengthen its Bitcoin investments. The company shared its goal of raising capital worth 9.5 billion Japanese yen (approximately $62 million) with the public.

Currently holding a portfolio of 1,142 Bitcoins (worth $109 million), the company announced that it will offer the 12th Stock Acquisition Rights through a third-party allocation method in collaboration with the EVO Fund based in the Cayman Islands.

The plan, which is awaiting approval under the Japanese Financial Instruments and Exchange Act, is expected to be implemented between December 16, 2024, and June 16, 2025. A significant portion of the raised capital is planned to be used for purchasing Bitcoin. Under current market conditions, the company could buy approximately 652 more Bitcoins with the targeted capital increase.

Bitcoin reaching a record level of $99,645.39 on November 22 and the depreciation of the Japanese yen against the dollar influenced the company's move. Metaplanet aims to preserve the value of its assets against the weakening yen.

Last October, the company also raised 10 billion yen ($66 million) to purchase Bitcoin. The company's stock value, which announced its initial Bitcoin purchase plan in April, increased by 1,365.63% during this period, reaching 2,345 yen ($15.60). However, this figure remains below the record level of 379,000 yen ($2,521.76) set in 2013.

The management of Metaplanet has shifted its focus from metaverse-oriented business plans to place Bitcoin acquisition and storage strategy at the center of corporate treasury management. This strategic change has resonated in the cryptocurrency market.

Meanwhile, other companies are also increasing their Bitcoin investments. Video sharing platform Rumble and artificial intelligence company Genius Group announced that they made Bitcoin purchases in the last week of November. Semler Scientific, on the other hand, purchased 215 more Bitcoins with an investment of $17.7 million in the first half of November, raising its total Bitcoin holdings to 1,273.