The largest Japanese corporate holder of bitcoins, Metaplanet has completed the placement of shares, increasing the offering volume from 185 million to 385 million papers. The funds raised from the sale of shares will go towards the purchase of bitcoins and expanding trading operations with crypto options, Metaplanet stated.
To finance the purchase of bitcoins, Metaplanet also issued bonds worth 30 million yen ($208 million) with a zero percent interest rate through the EVO fund. Part of the raised funds went towards the repurchase of bonds, allowing the company to optimize its financial strategy.
Metaplanet's CEO Simon Gerovich stated that the return on investment in bitcoins since the beginning of the year has been 349%. In his opinion, the stable dynamics of Metaplanet's securities sales demonstrate that public companies increasingly consider bitcoins as a reserve asset for protection against inflation.
From the total net revenue of 204.1 billion yen ($1.38 billion) from the sale of shares, Metaplanet intends to allocate 183.7 billion yen ($1.24 billion) for the purchase of bitcoins in September and October. The remaining 20.4 billion yen ($200 million) will be used to purchase bitcoins by the end of the year, the company announced.
In early September, with a balance of 20,136 BTC, Metaplanet ranked sixth among the largest corporate holders of the first cryptocurrency, according to data from the Bitcoint Treasuries portal.
The day before, Metaplanet reported the acquisition of 136 BTC for $15.2 million at an average coin price of $103,196.
