Metaplanet’s shareholders have approved a series of significant proposals during a recent general meeting, marking a pivotal moment for the company. The decisions made on June 28, 2024, involve changes to the company’s core strategy, share structure, and leadership. These approvals suggest that Metaplanet is preparing for a major transformation, potentially repositioning itself within the rapidly evolving digital economy landscape.

Key Decisions and Strategic Shifts

The extraordinary general meeting of shareholders on June 28, 2024, approved four major agenda items, signaling a dramatic shift in Metaplanet’s direction. First, the company’s Articles of Incorporation were amended to align its business purposes with a new strategic focus on Bitcoin in treasury management. This move indicates Metaplanet’s intention to become a major player in the cryptocurrency space.

Shareholders also approved a share consolidation plan, effective August 1, 2024, which will combine 10 common shares into 1, reducing the total number of authorized shares to 22,823,794. However, the meeting also approved an increase in the total number of authorized shares to 65 million, effectively tripling the company’s potential share issuance capacity.

Lastly, the meeting approved the election of five new directors. This decision aims to pursue new business opportunities, expand into emerging fields, enhance corporate value, and strengthen the company’s management structure. These approvals collectively suggest that Metaplanet is positioning itself for aggressive growth and expansion, particularly in the Bitcoin and cryptocurrency sectors.

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Metaplanet’s Bitcoin Acquisition and Market Context

Metaplanet has acquired 161 Bitcoin (BTC) worth 1.65 billion yen. The company’s average purchase price is 10,231,438 yen per BTC ($62,741). This move comes after Metaplanet issued a $7 million bond in June to fund Bitcoin purchases, following a strategy similar to MicroStrategy.

The company’s pivot to a Bitcoin-focused strategy coincides with the weakening of the Japanese Yen, which recently hit ¥160.8 against the US Dollar which is its lowest level since 1986. As the Yen loses purchasing power, Metaplanet’s actions may signal a growing trend among Japanese businesses seeking to protect their assets against currency devaluation. The company’s Bitcoin strategy highlights the increasing interest in cryptocurrency as a potential hedge against inflation in countries facing economic challenges.

Also Read: German Govt Dumps 400 BTC To Major Exchanges, Transfer Spree Continues

The post Breaking: Metaplanet Boosts Bitcoin Strategy With 10:1 Share Consolidation Amid Key Changes appeared first on CoinGape.

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