Metaplanet Gears Up for ¥9.5 Billion Bitcoin Push, Shelves Metaverse Ventures

Japanese investment powerhouse Metaplanet unveiled plans to raise ¥9.5 billion (approximately $62 million) in a move to bolster its Bitcoin reserves, according to a notice issued on November 28, 2024. The firm announced its 12th stock issuance, aiming to issue 29,000 stock acquisition rights to Cayman Islands-based EVO Fund, marking another step in its strategic pivot toward cryptocurrency accumulation.

“The majority of funds raised will be allocated to purchasing additional Bitcoin,” Metaplanet declared. This strategy underscores the firm’s commitment to leveraging debt and periodic stock issuance to grow its holdings while hedging against the yen’s persistent depreciation.

Bitcoin Over Metaverse: A Strategic Shift

The decision also reflects Metaplanet's reassessment of priorities. The firm announced the suspension of its metaverse-related ventures, citing the lack of profitability. Instead, Bitcoin has become central to its corporate treasury strategy, a shift influenced by the underwhelming performance of similar initiatives by Meta (formerly Facebook). Despite Meta’s $177 billion investment in the metaverse, its efforts have been criticized for failing to deliver transformative user experiences.

Riding Bitcoin’s Momentum

The timing of Metaplanet’s move aligns with Bitcoin's remarkable ascent to nearly $100,000 this month. With the cryptocurrency trading at around $98,000, the proposed fundraise could yield approximately 638 BTC. This initiative mirrors strategies championed by U.S.-based MicroStrategy, which has become a leader in Bitcoin-focused corporate treasury management.

Navigating Regulatory Hurdles

The stock acquisition proposal awaits regulatory approval under Japan’s Financial Instruments and Exchange Act. If greenlit, the issuance will proceed between December 16, 2024, and June 16, 2025, solidifying Metaplanet’s plans to fortify its financial strategy through Bitcoin.

Conclusion

With Japan’s yen under pressure—USD/JPY levels have returned to 154—the appeal of Bitcoin as a hedge grows stronger. Metaplanet’s decisive pivot from speculative ventures like the metaverse to a proven digital asset strategy signals confidence in Bitcoin’s long-term value proposition. This initiative positions the company as a key player in Japan’s crypto-driven economic adaptation.