The impending stock purchase rights to EVO Fund by Metaplanet aim to raise $62 million. The company will acquire additional Bitcoin for treasury management.

28 news statement, the Japanese investment business announced a third-party allocation of its 12th Stock Acquisition Rights to Cayman Islands investment management firm EVO FUND commencing Dec. 16, 2024.

Metaplanet will issue 29,000 units. Every unit lets EVO FUND buy 100 common shares. The issuing price is 17,806,000 yen, or 614 yen per subscription right.

Buying all Metaplanet units will provide EVO FUND 2,900,000 common shares with a reduced exercise price limit of 1,500 yen. Metaplanet expect to make almost 9.5 billion yen ($62 million) from their 12th Stock Acquisition Rights sale to EVO FUND.

The acquisition requires clearance from Japan's Financial Instruments and Exchange Act, the business said.

The Japanese investment business would utilize most of the cash collected to buy additional Bitcoin, following its corporate treasury goal of “expanding our Bitcoin position.”

“We prioritize Bitcoin-first, Bitcoin-only treasury management. In its press statement, the corporation indicated that it will use debt and equity issues to gradually build its Bitcoin holdings while limiting exposure to a weakening yen.

Metaplanet executed its 11th stock purchase rights in October. The corporation raised 10 billion yen ($66 million) and spent most of it on Bitcoin.

At current market pricing, Metaplanet holds the greatest Bitcoin treasure in Japan with 1,142 BTC, worth $109.36 million. Market proponents call it “Asia’s MicroStrategy”.

The Amplify Transformational Data Sharing ETF (BLOK), a worldwide index that invests in blockchain leaders including SBI Holding, MicroStrategy, and Nvidia, added Metaplanet recently.

Metaplanet CEO Simon Gerovich said the ETF recognition shows the company's leadership as “Japan's leading Bitcoin Treasury Company.”