Gerovich Boosts Metaplanet Stake with $64M Share Acquisition

Metaplanet CEO Simon Gerovich has significantly boosted his stake in the Tokyo-listed Bitcoin treasury company by exercising stock acquisition rights on August 28. He scooped up 64,032,000 common shares of Metaplanet, lifting his total position to 79,587,500 shares and his ownership stake to roughly 6%. This move comes just three days after a large-shareholder report showed Gerovich's stake dropping from 17.99% to 14.19%, due to new shares being issued as part of Metaplanet's aggressive capital-raising program.

The timing of this acquisition is notable, as it follows a dilution event that reduced Gerovich's stake in the company. However, he has responded by exercising 92,000 units of the 10th Series Stock Acquisition Rights, converting them into 64,032,000 common shares.

These newly acquired shares come with a lock-up agreement that runs until August 17, 2031. This means that Gerovich will not be able to sell or trade these shares for nearly two decades. Metaplanet trades on the Tokyo Stock Exchange under ticker 3350 and has built up a significant Bitcoin reserve of approximately 43,000 BTC.