Japan's MetaPlanet to issue preferred shares worth about 200 billion won… "for Bitcoin purchase"

'Japan's version of "Strategy",' MetaPlanet is pushing to issue preferred shares worth 21 billion yen (about 200 billion won) to stockpile Bitcoin (BTC).

MetaPlanet disclosed on the 20th (local time) that it will issue 23.61 million preferred shares. The issuance price per share is 900 yen, and the total issuance amount is 21.249 billion yen. The payment date is the 29th of next month.

MetaPlanet specified "Bitcoin purchase" as the purpose of issuing the preferred shares. MetaPlanet said, "While government bonds, which were considered safe assets, tend to decline in price due to rising interest rates, gold is being reevaluated as an inflation hedge and a means to avoid currency risk," and "we are convinced that the strategic importance of Bitcoin as a new store of value (SoV) is rapidly increasing in this changing environment."

MetaPlanet also said, "To minimize dilution from issuing common shares and to continuously expand Bitcoin holdings, actively utilizing preferred shares is necessary as a capital strategy," and "we believe that allocating (the funds raised) to additional Bitcoin purchases and investments in Bitcoin revenue businesses is essential for the company's mid- to long-term growth and enhancement of shareholder value."

Meanwhile, MetaPlanet started as a hotel company in 2010 but transformed into a Bitcoin-holding company in April last year. MetaPlanet's Bitcoin holdings are approximately 30,800, the largest among Asian companies.