Source: cryptoslate

Translation: Blockchain Knight

Metaplanet has acquired 1,009 bitcoins for approximately $112 million, bringing the total bitcoin holdings of the Japanese company to 20,000. The company's shareholders have approved an ambitious plan to increase its treasury by acquiring $2.8 billion worth of bitcoin by 2027.

The Tokyo-listed company announced the acquisition on September 1, with an average purchase price of 16.3 million yen (approximately $110,720) per bitcoin. This capital expansion strategy was voted through at Metaplanet's extraordinary general meeting of shareholders.

The acquisition has pushed the market value of Metaplanet's bitcoin treasury to over $2.1 billion, solidifying its position as "the largest corporate bitcoin holder in Asia." Additionally, the company has surpassed Riot Platforms to become the sixth largest bitcoin holder globally.

At the shareholder meeting, CEO Simon Gerovich outlined the company's plan to acquire 210,000 BTC by 2027, which would account for approximately 1% of the total bitcoin supply.

The strategy includes issuing up to 555 million shares of preferred stock, expected to raise 555 billion yen (approximately $3.8 billion), with the funds specifically allocated for bitcoin acquisitions.

Eric Trump attended the meeting as a strategic advisor to Metaplanet and engaged in a fireside chat with Gerovich. Trump praised Gerovich's leadership, calling him "one of the most honest people I've ever met," and stated that "strong leadership combined with bitcoin is a winning combination."

Gerovich then asked the over 3,000 attendees if they agreed to amend the company's articles of incorporation to allow for the issuance of preferred stock, to which the attendees unanimously agreed.

The approved preferred stock plan includes two types of perpetual equity issuance. Class A shares will offer a 5% yield, aimed at competing with traditional fixed-income products.

Meanwhile, Class B shares carry higher risk but include an option to convert into common stock.

Gerovich emphasized Japan's unique advantages in the field of "bitcoin-backed financing," noting that Japan, as the country with the lowest interest rates in the G7, possesses this advantage as "our hidden superpower."

The maximum issuance scale of preferred stock is capped at 25% of the company's "net asset value of bitcoin."

At the time of the acquisition announcement, Metaplanet also released its second-quarter performance, reporting a profit of 11.1 billion yen (approximately $75.1 million), a 41% increase quarter-over-quarter.

The company's bitcoin revenue business (primarily achieved through selling put options) contributed 1.9 billion yen (approximately $12.9 million) in sales revenue for the quarter.

Recently, in the September assessment by FTSE Russell, Metaplanet was upgraded to mid-cap status and successfully included in the FTSE Japan Index and the FTSE Global Index.

If Metaplanet achieves its goal of "holding 210,000 BTC in its treasury," it will join Strategy in the ranks of companies that "hold at least 1% of the bitcoin supply."

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