Key Points
- Metaplanet announces a Bitcoin rewards program for its shareholders in partnership with SBI VC Trade.
- The reward program aims to distribute ¥30 million worth of Bitcoin to eligible shareholders.
Metaplanet, a financial firm with a strong inclination towards cryptocurrencies, has launched a new initiative to reward shareholders who own at least 100 Metaplanet shares (MTPLF) by the end of this year.
The firm has teamed up with SBI VC Trade, the exchange division of the Japanese financial services conglomerate SBI Group, to distribute Bitcoin worth ¥30 million to shareholders who participate in this new rewards program.
Details of the Reward Distribution
Based on a recent announcement, the program intends to reward 2,350 qualified shareholders with Bitcoin, the distribution of which will be based on their holdings. As per the plan, 50 participants will receive Bitcoin worth ¥100,000 each, 100 will receive ¥30,000, and the remaining 2,200 shareholders will be given ¥10,000 each.
To be eligible, shareholders need to complete a series of steps, including setting up an account with SBI VC Trade and registering for the program by March 31, 2025. The Bitcoin rewards will be credited to the eligible accounts by late April 2025, with the final amount being determined by Bitcoin’s price on April 15, 2025.
Simon Gerovich, Metaplanet’s CEO, stated that the Bitcoin reward program is part of the company’s effort to incorporate Bitcoin into daily life in Japan. He further added that this initiative aims to give Bitcoin for free so that more people in Japan can experience Bitcoin.
Market Reaction and Growth Potential
The Bitcoin reward program, although not yet launched, has already had a substantial impact on the market. Metaplanet’s stock rose by over 6% following the announcement, indicating strong investor confidence. The company’s stock has surged by 1,360% year-to-date, primarily due to its Bitcoin-centric strategy introduced earlier this year.
Analysts anticipate further growth in the stock, with prices potentially reaching 3,000 JPY, a high previously attained in May.
In recent times, Japan’s corporate sector has shown an increasing acceptance of cryptocurrencies, with Metaplanet’s newly implemented Bitcoin strategy leading the way. The company stated in April this year that it has followed MicroStrategy’s approach to adopt Bitcoin as a corporate reserve.
Currently, the Japanese investment firm holds 1,142 BTC, valued at over $109 million, in its treasury. With its growing Bitcoin portfolio, the firm has become the largest corporate Bitcoin holder in Asia.
To further increase its Bitcoin holdings, Metaplanet recently announced a fundraising initiative worth $62 million (¥9.5 billion). This plan involves issuing 29,000 stock acquisition rights to EVO FUND, an investment firm based in the Cayman Islands, under a third-party allotment scheme.
As per the announcement, this flexible approach adjusts the exercise price to market conditions while preventing excessive dilution, resulting in an estimated 8% dilution of existing shares.
