In a bold move, a well known Japanese public company, Metaplanet has revealed their plans to increase their Bitcoin holding. By raising around $60 million, they plan to have a significant expansion in their Bitcoin holding. Let’s explore why they are planning to invest so huge in Btc.
What’s the Plan?
Currently, they hold 246 Bitcoins worth around $13.4 million. Metaplanet plans to raise around $70 Million by offering its 11th series of stock acquisition. These rights will allow shareholders to acquire Metaplanet stock at a price of around $4. They can acquire the stocks between September 6 and October 15, 2024. The funds raised by these offerings will be used to buy More Bitcoin. Metaplanet started buying Bitcoin in April 2024. According to Yahoo Finance, the stock price of Metaplanet surged by 12% in Tokyo trading hours after this announcement.
Inspired by the Pioneers
Inspired by MicroStrategy, Metaplanet started buying Bitcoin in April this year. The aim behind these purchases is to reduce Yen exposure and provide Japanese investors access to crypto. In May, the firm officially adopted BTC as a reserve asset. They have been buying Bitcoin every month since April. In July only, they acquired around 105 BTC with 4 purchases.
Now, Metaplanet aims to follow this successful example and emerge as Japan’s leading publicly traded Bitcoin holder.
Why Bitcoin?
Metaplanet, strategically taking exit from its hotel business which suffered declining revenue. This is one of the major reasons for their shift as they want to utilize the power of Bitcoin to strengthen their financial position. BTC can also help protect against falling value of Yen.
Future Plans
The Japanese firm is not only planning to Buy and HODL Bitcoin but also make more money out of it. They are thinking of selling covered calls on Bitcoin. Along with this, their plan involves revamping 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 look to digital assets for financial growth and stability, Metaplanet is positioning itself as a trailblazer in Japan. This move could reshape its future and set a new trend for other companies to follow.
In short, Metaplanet’s push into Bitcoin isn’t just about buying more of the digital currency; it’s a strategic shift aimed at leading the charge in Japan’s evolving financial landscape.
Also Read : Massive Crypto Heist: 3,996 ETH and 1.9M USDC Stolen and Returned from Ronin Network
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed