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Cryptocurrency News Articles
Metaplanet Inc., Often Known as “Asia’s MicroStrategy,” Raises 10 Billion Yen (about $68 million) to Support Its Aggressive Bitcoin Acquisition Strategy
Oct 23, 2024 at 07:00 pm
Similar to the tactics of well-known companies like MicroStrategy, the move comes as the company keeps positioning itself as a key player in the cryptocurrency sector.
Metaplanet Inc., also known as “Asia’s MicroStrategy,” has once again made headlines with a recent stock sale to raise 10 billion yen (around $68 million) in support of its aggressive Bitcoin (BTC) acquisition strategy.
The move comes as the company continues to position itself as a key player in the cryptocurrency space, employing tactics similar to those of prominent firms like MicroPlanet.
Metaplanet Announces Major Bitcoin Purchase
Announced on October 22, Metaplanet has successfully completed its 11th round of Stock Acquisition Rights, with more than 13,000 individual shareholders participating. The proceeds from this offering will be utilized to further expand the company’s substantial Bitcoin holdings.
“Results of Stock Acquisition Rights Exercise are announced.”
We raised 10 billion yen from more than 13,000 people to continue acquiring Bitcoin as a hedge against the economic troubles in Japan and to strengthen our Bitcoin reserves.
October 22 (Mon)
🛒Details🛒https://tco/33VC033333 pic.twitter.com/MquO6JFNEX
Despite the successful fundraising, Metaplanet’s share price dropped by around 5.85%, reflecting some market volatility amidst the fluctuating Bitcoin price movements.
“This financing will allow us to continue building our Bitcoin reserves, providing our investors with a hedge against Japan’s economic troubles,” said CEO Simon Gerovich in a statement, highlighting the importance of the funding.
The company began making active Bitcoin purchases earlier this year, viewing the cryptocurrency as a strategic asset to mitigate the risks posed by the yen’s depreciation.
Metaplanet’s Growing Bitcoin Portfolio
Metaplanet has already been making waves with its latest acquisition strategy. Just weeks prior to this fundraising announcement, the company allocated 1 billion yen (around $6.7 million) to add another 107.91 BTC to its portfolio, bringing its total holdings to around 855 BTC.
This aggressive accumulation mirrors MicroStrategy’s unique approach to cryptocurrency investments, utilizing it as a treasury reserve asset.
Since embarking on its Bitcoin strategy, the company’s stock has seen a remarkable rally, surging by around 500% year-to-date. Investors have responded favorably to Metaplanet’s unique vision and commitment to digital assets, despite occasional declines in the broader cryptocurrency market.
Bitcoin Price Faces Resistance at $69K as Metaplanet Plans Further BTC Purchases
Bitcoin’s price encountered resistance at around the $69,000 level on Friday, as traders awaited the upcoming options expiry and kept a close eye on Metaplanet's ongoing Bitcoin buying spree.
After rising above $70,000 earlier this week and hitting a new all-time high on Thursday, BTC/USD pulled back slightly on Thursday evening. The world's largest cryptocurrency then began ranging around the $68,900 mark.
🔎 Related Reading | Metaplanet Adds Another 108 BTC To Its Portfolio In Block Trade
Metaplanet, a Japanese firm that has been aggressively buying Bitcoin throughout 2024, made another large purchase. According to the latest filings with the Tokyo Stock Exchange, Metaplanet purchased an additional 107.91 Bitcoin on December 13.
At current prices, this latest acquisition is valued at around $6.7 million, adding to Metaplanet's already substantial Bitcoin holdings. The company began 2024 with around 200 BTC on its balance sheet and has since increased that figure more than fourfold.
Metaplanet is aiming to become one of the largest corporate holders of Bitcoin in Asia. Apart from being an investor, the company is also playing a leading role in integrating cryptocurrencies into traditional finance.
Having already acquired a Type I Financial Instruments Business license from the Japanese Financial Services Agency earlier this year, Metaplanet is now permitted to engage in a broad range of cryptocurrency activities.
Among them are the management and operation of a cryptocurrency exchange, the provision of digital asset custody services, and the facilitation of over-the-counter derivatives transactions.
The company has been exploring multiple avenues to enhance its investment drive, including trading Bitcoin options and forging strategic partnerships with market finance giants like SBI Group.
As Metaplanet prepares to deploy its freshly acquired funds in further acquisitions, all eyes will be on how these endeavors perform within an ever-changing market environment.
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