Metaplanet Kicks Off Bold 555M Plan to Buy More Bitcoin

Metaplanet, a public company listed on the Tokyo Stock Exchange, has raised 74.9 billion yen, worth about $515 million, to buy more Bitcoin. This is the first step in a much larger plan to raise a total of $5.4 billion. The company wants to use all the money to increase its Bitcoin holdings, aiming to become one of the largest corporate holders of the cryptocurrency in the world. Metaplanet Takes First Big Step in the 555M Plan In a June 25 filing , the company announced that it successfully raised 74.9 billion Japanese yen in equity capital by issuing 54 million shares on the first day of its “555 million plan.” Metaplanet said that its main investor, EVO Fund, helped raise the money by exercising 540,000 stock-acquisition rights. This action created 54 million new shares, representing nearly 30% of the company’s 20th warrant series. Meanwhile, the company still has 1.31 million rights left that could be converted into another 131 million shares. The “555 Million Plan” is Metaplanet’s long-term fundraising strategy. The company plans to issue 555 million new shares, almost 92% of its current total number of shares. The goal is to raise around $5.4 billion in fresh capital, all of which will be used to buy Bitcoin. The company plans to own 30,000 BTC by the end of 2025. By 2026, the target rises to 100,000 BTC; in 2027, it hopes to reach 210,000 BTC. If successful, Metaplanet would hold 1% of Bitcoin’s total supply of 21 million coins. Only Nasdaq-listed firm Strategy currently holds almost 3% of the total Bitcoin supply. The Virginia-based firm, led by Michael Saylor, has purchased over 592,000 BTC since 2020. Current Bitcoin Holdings and Market Reaction Metaplanet already owns 11,111 BTC. Earlier this week, it added 1,111 new Bitcoins to its balance sheet, showing that it is actively buying and holding Bitcoin as a core part of its business strategy. The company has also announced plans to invest $5 billion into its U.S. subsidiary, showing strong interest in expanding globally. Despite the bold moves, Metaplanet’s stock fell by as much as 5% after the latest fundraising round, as reported by Yahoo Finance. Metaplanet Sets Sights on Bitcoin’s 1% Club Metaplanet plans to buy 210,000 BTC, aiming to join the rare “1% BTC Club,” companies that own 1% or more of all Bitcoin . Right now, only MicroStrategy holds that spot. Some now call Metaplanet “Asia’s MicroStrategy” because it also raises money through shares to buy Bitcoin, like Strategy. If it succeeds, the Japanese-based firm could become one of the biggest corporate Bitcoin holders in the world. The post Metaplanet Kicks Off Bold 555M Plan to Buy More Bitcoin appeared first on TheCoinrise.com .

Source: The Coin Rise