In a bold move, a well-known Japanese publicly traded company, Metaplanet, has revealed their plans to increase their Bitcoin holdings. By raising around $60 million, they plan to significantly expand their Bitcoin holdings. Let’s take a look at why they are planning to invest so massively in Btc.
What's the plan?
They currently own 246 Bitcoins worth approximately $13.4 million. Metaplanet plans to raise approximately $70 million through its 11th series of stock acquisition offerings. These rights allow shareholders to acquire Metaplanet shares for a price of approximately $4. They can acquire the shares between September 6 and October 15, 2024. The funds raised through these offerings will be used to purchase more Bitcoin. Metaplanet began buying Bitcoin in April 2024. According to Yahoo Finance, Metaplanet’s stock price rose 12% in Tokyo trading hours following this announcement.
Inspired by the pioneers
Inspired by MicroStrategy, Metaplanet started buying Bitcoin in April of this year. The goal behind these purchases is to reduce exposure to Yen and provide Japanese investors with access to crypto. In May, the company officially adopted BTC as a reserve asset. They have been buying Bitcoin every month since April. In July alone, they acquired around 105 BTC with 4 purchases.
Metaplanet aims to follow this successful example and become Japan's largest publicly traded Bitcoin holder.
Why Bitcoin?
Metaplanet, who strategically exited their hotel business which was struggling with declining revenues. This is one of the main reasons for their move, as they want to use the power of Bitcoin to strengthen their financial position. BTC can also help protect against the falling value of the Yen.
Plans for the future
The Japanese company is not only planning to buy and HODL Bitcoin, but also to make more money with it. They are thinking of selling covered calls on Bitcoin. In addition, they are planning to revamp their hotel business to attract Bitcoin and crypto enthusiasts.
What it means
Metaplanet’s big Bitcoin bet is a sign of changing times. As more companies turn to digital assets for financial growth and stability, Metaplanet is positioning itself as a pioneer in Japan. This move could change Metaplanet’s future and set a new trend for other companies to follow.
In short, Metaplanet’s move into Bitcoin isn’t just about buying more digital currencies; it’s a strategic shift aimed at taking a leading role in Japan’s changing financial landscape.
Also Read: Massive Crypto Heist: 3,996 ETH and 1.9 Million USDC Stolen and Returned from Ronin Network
Source link
