Japanese investment firm Metaplanet hopes to raise over $62 million (9.5 billion Japanese Yen) through a stock acquisition plan to purchase more Bitcoin for its treasury, which currently stands at 1,142 Bitcoin, worth over $109 million.

In a Nov. 28 statement , the company said it would issue a 12th Stock Acquisition Rights to EVO Fund, an investment management firm in the Cayman Islands, through a third-party allotment totaling 29,000 units.  

“The majority of the funds raised this time will be strategically allocated for the purchase of additional Bitcoin,” Metaplanet said in its statement.

“We have made it clear that we intend to utilize debt and periodic stock issuance to systematically increase our Bitcoin holdings while reducing exposure to a depreciating yen.”

Metaplanet to raise $62M for more Bitcoin, with current stash at 1,142 BTC image 0

Source: Metaplanet

Metaplanet noted that Bitcoin’s ( BTC ) “prominence continues to grow” after reaching an all-time high of $99,645.39 on Nov. 22.

“Meanwhile, the Japanese yen continues to depreciate, with the USD/JPY exchange rate returning to the 154 level on the same day, presenting ongoing concerns,” the firm said in its statement.

“Given these circumstances, we recognize the urgent importance of increasing our Bitcoin holdings and have therefore decided to proceed with this fundraising initiative.”

If approved under Japan’s Financial Instruments and Exchange Act, the stock acquisition would run from Dec. 16 to June 16, 2025.

If Metaplanet raises the full $62 million, it could purchase roughly 652 extra Bitcoin at the current price of $95,000.

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At the same time, the firm said it is putting its “metaverse related businesses plans” on the back burner, “as there is still no prospect of profitability, and has decided to incorporate the purchase and holding of Bitcoin as part of our stated corporate treasury strategy.”

In October, Metaplanet completed its 11th Stock Acquisition Rights, raising a total of $66 million (10 billion Japanese yen), which it also allocated to purchasing Bitcoin .

The firm first flagged plans to buy Bitcoin in April. Metaplanet’s stock price has been up 1,365.63% in the past year and is currently at about $15.60 (2,345 Japanese yen), according to Google Finance. 

However, it’s still down from its all-time high of $2,521.76 (379,000 Japanese yen) set on Feb. 22, 2013. 

Metaplanet to raise $62M for more Bitcoin, with current stash at 1,142 BTC image 1

Metaplanet’s stock price has been up in the last year, but it’s still down from the all-time high set in 2013. Source: Google Finance 

A growing list of other firms have taken the plunge and added Bitcoin to their balance sheets this year.  

YouTube alternative Rumble confirmed plans to buy Bitcoin on Nov. 25, just days after its CEO teased the idea on social media. 

Artificial intelligence firm Genius Group took steps on Nov. 18, purchasing 110 Bitcoin for $10 million , with plans to have its reserves hold up to 90% Bitcoin in the future. 

Tech solution provider Semler Scientific also said it acquired an additional 215 Bitcoin for $17.7 million in cash between Nov. 6 and 15, increasing its total holdings to 1,273.

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