Japanese investment adviser Metaplanet Inc. (3350) has successfully completed its 11th series of stock acquisition rights, raising a total of 10 billion yen ($66 million).

The initial announcement of the stock acquisition rights was on Aug. 6, when Metaplanet’s share price stood around 700 yen. It gave shareholders the option to purchase new shares at a discounted rate of 555 yen per share.

Metaplanet adopted bitcoin as a reserve asset in May as it aimed to hedge against volatility in the yen. The company now holds 861.4 BTC, according to bitcointreasuries.net and its shares up up 642% year-to-date.

The stock acquisition rights were issued with no charge to shareholders; for each common stock held, shareholders received one stock acquisition right. The stock acquisition rights period started on Sept. 6 and concluded on Oct. 15, giving shareholders the time to exercise their rights or let them expire.

During this period, of the total 18.1 million stock rights issued, 72.8% were exercised by the shareholders, which was the equivalent of 13,774 individuals. As a result, 13.2 million shares were issued while raising 7.32 billion yen ($48.5 million).

The shareholders who did not intend to exercise their stock acquisition rights, totaling 1.7 million units, were transferred with no charge to MMXX Ventures Limited (1.5 million units ), its CEO Simon Gerovich (215,180 units) and EVO Fund (4.9 million units). The total raise after these transfers equals 10 billion yen ($66 million).

The amount of capital raised in relation to the transfer to EVO Fund equates to 5.7 billion yen ($37.8 million).

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