The post Japan’s Metaplanet Buys $1.2M Worth Bitcoin, Signals Major Strategic Shift appeared on BitcoinEthereumNews.com.

In total, the acquisition of 161.3 BTC till now by Metaplanet is valued at 1.65 billion yen. The average buying price for one bitcoin from the firm is 10,231,438 yen, or $62,741. The Japanese investment firm Metaplanet purchased $1.2 million worth Bitcoin. Thus, adding to its recent spree of buying Bitcoins. In total, the acquisition of 161.3 Bitcoin (BTC) till now by Metaplanet is valued at 1.65 billion yen.  The average buying price for one bitcoin from the firm is 10,231,438 yen, or $62,741. In June, Metaplanet used a strategy similar to MicroStrategy and issued a $7 million bond to finance Bitcoin acquisitions. This move follows in the same vein. Moreover, with the value of the yen falling, Japanese companies may be taking steps like Metaplanet’s to hedge their bets against more currency depreciation. Major Strategic Shift A watershed moment has arrived for Metaplanet. As its shareholders have recently adopted a number of important proposals at a general meeting. The leadership, share structure, and fundamental direction of the firm will be altered as a result of the choices taken on June 28, 2024. A significant change in Metaplanet’s trajectory was signaled by the approval of four key agenda items at the June 28, 2024, extraordinary general meeting of shareholders. As a first step, the company’s Articles of Incorporation were revised to reflect its revised strategic objective on the use of Bitcoin for treasury management. A share consolidation plan was also accepted by the shareholders. This plan would reduce the total number of authorized shares to 22,823,794 and consolidate 10 common shares into 1. The plan is set to take effect on August 1, 2024. But the meeting also green-lit a 65 million share increase to the total authorized shares, increasing the company’s power to issue shares. Highlighted Crypto News Today:…

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Filed under: News - @ July 1, 2024 9:22 pm