Japanese investment firm Metaplanet is looking to raise over $62 million to expand its Bitcoin treasury, which currently holds 1,142 Bitcoin valued at over $109 million.

To facilitate this, the company plans to issue 29,000 units of Stock Acquisition Rights (SARs) to EVO FUND, allowing stock purchases starting in mid-December 2024.

Metaplanet's stock has skyrocketed by 2,150% year-to-date, largely driven by its aggressive Bitcoin purchasing strategy.

This move aligns with a broader trend where companies and investors are increasingly leveraging Bitcoin's value amid economic uncertainties.

CEO Simon Gerovich noted that the firm's financing approach is inspired by MicroStrategy, a leading corporate Bitcoin holder, which allows for capital growth without diluting shareholder value.

In recent weeks, other companies like Rumble and Genius Group have also announced plans to acquire Bitcoin, indicating a growing corporate interest in cryptocurrency.

Metaplanet has reiterated its commitment to a Bitcoin-first strategy for treasury management, emphasizing its focus on digital assets.

The firm has gained recognition as one of Asia's largest corporate Bitcoin holders, now ranked as the 18th largest globally among publicly traded companies.

Gerovich highlighted that Metaplanet's inclusion in the Amplify Transformational Data Sharing ETF reflects its leadership in the Bitcoin treasury sector in Japan.

Additionally, Metaplanet has secured a licensing deal to launch Bitcoin Magazine in Japan, aimed at enhancing Bitcoin education and adoption within the local community.

The SAR issuance is set to take place between mid-December 2024 and June 2025, with each unit priced at 614 yen, potentially raising a total of 9.5 billion yen.

As the Japanese yen continues to weaken against the dollar, with the USD/JPY exchange rate reaching 154, Metaplanet's strategy may serve as a hedge against currency devaluation.