Metaplanet, Japan’s internet-listed company recently exercised its 11th stock acquisition rights as it seeks to increase its Bitcoin reserve after raising 10 billion yen ($66.2 million in the process. The decision cements a plan to ramp up the company’s presence in the virtual currency market even though Bitcoin plunged during early Asian trading.
On August 6, Metaplanet announced a ¥10.08 billion Gratis Allotment of Stock Acquisition Rights. Today, the company confirmed the completion of this exercise, achieving an impressive 72.8% exercise rate. Over 13,000 shareholders participated, contributing to the company’s growth in cryptocurrency investment.
This announcement coincides with a drop in Bitcoin’s price, which briefly surged to $69,000 before plunging by over $2,000, settling at $67,500 during early trading hours. Despite this, Metaplanet continues to see Bitcoin as a hedge against yen devaluation.
