Metaplanet announced the acquisition of 1,009 Bitcoins (BTC), bringing its total holdings to 20,000 BTC, with a total transaction amount of 16.479 billion yen (approximately 112 million USD). On the same day, the company announced the issuance of 11.5 million new shares last week, following an investor exercising warrants to obtain company shares.
According to BitcoinTreasuries.net, Metaplanet is currently the sixth largest Bitcoin (BTC) reserve company in the world and the largest in Japan. The average purchase price of Bitcoin (BTC) for the company is $102,607, achieving a profit of 6.75% compared to the current price.
Related investor Evo Fund acquired 10 million shares at a price of $5.67 and purchased an additional 1.5 million shares at slightly below $6, totaling approximately $65.73 million. Metaplanet will use these proceeds to redeem approximately $20.4 million of previously issued bonds early. Evo Fund still has the right to acquire an additional 34.5 million shares.
In the context of increasing market pressure, Metaplanet released the above announcement. The company's stock price has significantly declined, affecting its financing model for building Bitcoin (BTC) reserves through the issuance of new shares. Since mid-June, the company's stock price has dropped by 54%, while Bitcoin (BTC) has risen by about 2% during the same period.
According to industry analysts, the decline in stock price has reduced the attractiveness of Evo Fund exercising its warrants, constraining Metaplanet's liquidity and diminishing its ability to continue purchasing Bitcoin (BTC). However, the company is gradually adjusting its strategy to adapt to the new market environment.
Last week, Metaplanet announced plans to publicly issue shares in overseas markets, aiming to raise approximately 130.3 billion yen, equivalent to about 880 million USD. Today, the company's shareholders will vote on whether to approve the issuance of up to 555 million preferred shares, with a maximum financing scale of 555 billion yen (3.7 billion USD).
Strategy Company was the first to propose and successfully implement a corporate Bitcoin (BTC) reserve strategy, which many companies subsequently followed. However, this strategy does not guarantee long-term effectiveness.
In fact, some Bitcoin (BTC) reserve companies have fallen into serious difficulties. When the price of Bitcoin (BTC) drops, the net asset premium of the company's stock disappears, and financing channels close, Bitcoin (BTC) reserve companies may fail. At this point, loans or margin calls may force these companies to sell Bitcoin (BTC).
Related: Indian court sentences 14 to life imprisonment in Bitcoin (BTC) extortion case
Original article: “Metaplanet's Bitcoin (BTC) Holdings Reach 20,000, Concurrently Issuing 11.5 Million New Shares”
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