Metaplanet saw a nearly 6% surge in Tokyo following a bold financial move: a massive share issuance, early bond repayment, and a temporary halt on warrants exercise. This maneuver further aligns the Japanese company with MicroStrategy, with a clear goal: bolstering its Bitcoin treasury.
A record $880M raised to buy Bitcoin
Metaplanet plans to issue up to 555 million new shares to international investors. This operation, subject to a shareholder vote on September 1, could yield 130.3 billion yen ($880 million). The majority of the funds will be used to purchase Bitcoin, with the remainder fueling its revenue-generating activities related to the asset.
The ambition is clear: increase the company’s Net Asset Value (NAV) in Bitcoin and strengthen its ties with global institutional investors. At a time when BTC hovers around $111,000, Metaplanet’s strategy takes on the appearance of a bold bet on long-term mass adoption.
Warrants exercised and bonds repaid
Between August 14 and 26, holders of the 20th series of stock acquisition rights exercised 275,000 options, resulting in 27.5 million new shares. Exercise prices, ranging from 966 to 834 yen, brought the total outstanding shares to 739.7 million.
Simultaneously, Metaplanet made an early repayment of 5.25 billion yen on its 19th series of ordinary bonds, adding to repayments already made this summer. The outcome: a swift reduction in debt, just months before the scheduled maturity in December.
Halt on warrants exercises
Another key decision: Metaplanet will suspend, from September 3 to 30, exercises of the 20th, 21st, and 22nd series of stock acquisition rights. 360,000 units for the 20th series and 1.85 million for each of the other two are still in play. The company notes it retains the option to adjust this schedule if market conditions demand.
A strategy captivating the markets
Metaplanet shares closed at 890 yen, up by 5.7%. The announcement immediately piqued investors’ interest, charmed by this bold ‘bitcoinization’ strategy on the balance sheet. In a Japan historically cautious of crypto assets, this approach marks a turning point.
The company now stands as an open-air laboratory: what is the value of a listed company other than that of Saylor converting its capital almost exclusively into Bitcoin? If the bet pays off, Metaplanet could become a global showcase for traditional investors seeking indirect exposure to the digital king asset.
