Metaplanet’s latest filing shows it wants to keep Bitcoin buying going even when regular share sales become less attractive.
Japanese company Metaplanet, the biggest listed Bitcoin treasury firm in Japan outside of the U.S., continues buying Bitcoin amid bear markets.
In its Q1 earnings filing, the Tokyo-listed company said it generally doesn’t plan to issue common shares when its market value falls below the value of its net Bitcoin assets. In the filing, Metaplanet refers to that threshold as mNAV below 1.0x. The filing reads:
“[…] if the Company determines that Bitcoin acquisitions would contribute to long-term shareholder interests, it may utilize rights offerings as one of its financing tools. This policy is intended to preserve the Company’s ability to acquire Bitcoin at scale during bear markets while maintaining fairness among existing shareholders.”
However, Metaplanet also made an exception, emphasizing that issuing rights offerings don’t necessarily mean mNAV is below 1.0x since each shareholder has equal opportunity to either take part in the offering or sell those rights in the open market.
Read also: Metaplanet Funds New Bitcoin Buy with $50M Zero-Interest Bonds
Bitcoin Buying Beyond Common Shares
During the first quarter, Metaplanet said weaker Bitcoin price and geopolitical risk pushed crypto-related equities lower, making common equity financing less attractive for growing BTC▼$64,171.00 per share.
Metaplanet has already begun employing different sources of funds. As per Q1, the company raised money through common shares, stock acquisition rights, and moving strike warrants for Bitcoin purchases, amounting to 24.5 million new shares in February worth $77 million, and 107.4 million shares in March worth $258 million.
The company ended March with 40,177 BTC, keeping its position as the largest listed Bitcoin holder outside the U.S., while Strategy, the largest corporate Bitcoin holder overall, holds over 818,000 BTC.
Read more: Metaplanet-backed Yen Stablecoin JPYC Raises $30M in Series B
