The post Metaplanet Secures $70M to Expand Bitcoin Portfolio Through Offering appeared on BitcoinEthereumNews.com.

Metaplanet has revealed that it aims to garner ¥ $10.08 billion, or $70 million, in funding. This will increase the company’s investment in Bitcoin (BTC). The funds will be raised by issuing stock purchase options to shareholders. Metaplanet Plans Massive Bitcoin Investment Push Metaplanet plans to raise ¥8.5 billion to buy more Bitcoin. On September 5, they will distribute one stock acquisition right for each outstanding common share. This allows shareholders to purchase the company’s stock at ¥555 per share between September 6 and October 15. The approach is similar to the one used by MicroStrategy in 2020. MicroStrategy also bought more Bitcoin using similar fundraising strategies. Metaplanet’s move puts it in a position to capitalise on the current market trends in favour of digital assets. The company intends to allocate much capital to Bitcoin and other related industries. This decision is based on the conviction that digital currency has a bright future. Nevertheless, Metaplanet continues to see value in Bitcoin even with the current price declines. New Revenue Streams from Bitcoin for Metaplanet Metaplanet now has about 246 BTC, worth $13.4 million. This new fundraising will significantly add to its Bitcoin holdings. The company stated, “Higher Bitcoin prices will improve our balance sheet and asset position.” The strategy also entails possible business opportunities within the Bitcoin environment. Metaplanet also plans to engage in covered calls on Bitcoin to earn additional income. This financial strategy could assist in managing earnings and providing a more consistent revenue stream even in an unstable market. In addition, Metaplanet has moved away from the hotel business, which has declined. The firm recommends that the hotel division be recreated to target the Bitcoin audience. This would tap into a market segment while breathing life into the struggling industry. Bitcoin Serves as Hedge for Economic Shifts…

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Filed under: News - @ August 6, 2024 6:16 pm