Metaplanet Stock Crashes 12% As Bitcoin Firm Kickstarts “555 Million Plan”
Highlights
- Metaplanet stock declined 12% on Wednesday, extending weekly losses.
- Metaplanet raised $517 million through equity capital on day one of its "555 Million Plan".
- This move dramatically improved the company's BTC Rating, increasing from 4.0x to 97.8x.
Metaplanet stock price crashed another 12% on Wednesday, hitting the lows of 1,256 JPY as the Bitcoin holding firm kickstarts its “555 Million Plan” with an initial fundraise of $517 million. Over the past week, the stock has corrected nearly 26% from its 12-year high of 1,900 JPY attained last week. On the other hand, the Japanese firm rigorously continues on its mission to acquire 1% of the BTC supply by 2027.
Metaplanet Stock Slides Despite “555 Million Plan” Begins
After a mega rally throughout May and the first half of June, Metaplanet stock selling pressure has intensified recently. As of press time, it is trading 9.27% down at 1,390 JPY level, while some market experts call it part of usual pullbacks after massive rallies. Despite last week’s correction, the stock is still trading at 288% gains year-to-date.
Metaplanet has made a strong start to its ambitious “555 Million Plan,” raising approximately $517 million in equity capital on the first day of the initiative. The company raised this massive amount by issuing 54 million shares via the exercise of the 20th series of its stock acquisition rights. With this, the company dissolves its $281 million worth of 0% ordinary bonds, significantly improving its financial position.
This strategic move has led to a substantial re-rating of Metaplanet’s BTC Rating (Bitcoin Net Asset Value/Debt), which jumped from 4.0x to an impressive 97.8x, noted the firm’s Bitcoin strategist Dylan LeClair. Currently, Metaplanet holds around $1.18 billion in Bitcoin while maintaining a minimal debt of approximately $12 million in bonds. As a result, the Metaplanet stock has seen buying interest from institutions like Citigroup.
Focusing on US Expansion And Bitcoin Treasury
As disclosed by Metaplanet earlier on June 6, its 555 Million Plan seeks to expand the company’s Bitcoin treasury through a series of BTC acquisitions using equity and debt, and ultimately attain its goal of having 210,000 BTC by 2027. A day before, a company also announced a $5 billion raise for its US subsidiary MTPLF to expand its Bitcoin holdings. Speaking on the development, company CEO Simon Gerovich stated:
“We’re increasing our commitment to Florida by 20x. Thanks again Francis Suarez, Miami was the right choice. Metaplanet has approved up to $5B for our US subsidiary as we accelerate toward 210,000 BTC with Florida at the center of our US expansion”.
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