The post Japanese Firm Metaplanet Announces $58.76 Million Bitcoin Investment Plan appeared on BitcoinEthereumNews.com.

TLDR Japanese firm Metaplanet plans to raise about $70 million through stock rights issuance. The company intends to use $58.76 million of the raised funds to invest in Bitcoin. Metaplanet currently holds around 246 Bitcoins worth approximately $13.4 million. The company is following a strategy similar to MicroStrategy, which has accumulated over 220,000 Bitcoins. Metaplanet views Bitcoin as a long-term investment and a hedge against currency depreciation. Metaplanet Inc, a Japanese investment and consulting firm, has announced plans to raise approximately 10 billion Japanese yen (about $70 million) through a stock rights offering. The company intends to use 8.5 billion yen ($58.76 million) of the raised funds to invest in Bitcoin, significantly expanding its cryptocurrency holdings. The decision was made during a recent board of directors meeting, where Metaplanet approved a gratis allotment of its 11th series of stock acquisition rights to all common shareholders. Under this plan, shareholders of record as of September 5 will receive one stock acquisition right per common share. These rights will allow shareholders to acquire Metaplanet common stock at an exercise price of 555 yen (about $4) during the period from September 6 to October 15. Currently, Metaplanet holds about 246 Bitcoins, valued at approximately $13.4 million. The planned investment would substantially increase the company’s Bitcoin treasury. Metaplanet’s CEO, Simon Gerovich, explained that the firm sees Bitcoin as “the apex monetary asset” and believes it will make a great addition to the company’s treasury. This move mirrors the strategy employed by MicroStrategy, a Nasdaq-listed business intelligence firm that has been accumulating Bitcoin since 2020. MicroStrategy has raised debt and sold shares to acquire over 220,000 Bitcoins, now worth billions of dollars. Metaplanet’s decision to invest heavily in Bitcoin is based on two main factors. First, the company sees long-term appreciation potential in the asset.…

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Filed under: News - @ August 7, 2024 9:16 am