The post Metaplanet’s Bitcoin Strategy Gains $67M with All Stock Acquisition Rights Fully Subscribed appeared first on Coinpedia Fintech News
Metaplanet Inc. (Tokyo:3350), a web2-era company that is fast embracing the web3 technology, has completed a significant share sale to double down on its Bitcoin (BTC) strategy. The company, which focuses on hotel asset management and operations, announced earlier today that it has successfully raised more than ¥10 billion, approximately $67 million, through the stock acquisition rights program.
According to Simon Gerovich, the CEO of Metaplanet, the stock acquisition rights program was 100 percent subscribed by 13,774 investors. As a result, the company is now intending to acquire more Bitcoins to strengthen its balance sheet.
Currently, Metaplanet holds 861.387 Bitcoins, worth around ¥8 billion, which have been acquired in the past through different programs. Following the completion of the stock acquisition rights program, Metaplanet will be holding more than 1,600 Bitcoins, worth more than $100 million.
Impact on Metaplanet
Following the adoption of the Bitcoin strategy, Metaplanet’s stock market has rallied over 550 percent year-to-date to trade at about ¥1,110 on Wednesday. The ¥23 billion valued company is determined to follow in the footsteps of Microstrategy Inc. (NASDAQ: MSTR), which has ballooned its market value to over $40 billion.
As of this writing, MicroStrategy owns over 250k Bitcoins, which is more than 1 percent of the total circulating supply.
What Next for BTC Price Action
Despite the high demand for Bitcoin by whale investors, as shown by the notable cash inflows of the U.S. spot BTC ETFs, the flagship coin has struggled to establish bullish momentum akin to Gold.
From a technical analysis standpoint, Bitcoin price must consistently close above the resistance/support level around $69.5k to invalidate possible selloff below $60k again in the near term.