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A renowned Japanese public company has publicly announced its plans to raise $60 million from its shares to increase its Bitcoin (BTC) holdings to $70 million.  According to them, Bitcoin has the potential to appreciate in the long term while acting as a hedge against inflation.  A Japanese public company, Metaplanet, has disclosed its intention to leverage the suddenly evolving crypto landscape to increase its Bitcoin (BTC) holdings by $60 million. According to reports, the company’s existing holdings are $13.4 million worth of Bitcoin. However, the recent decline in revenue from its hotel business positions it to utilize the power of digital assets to strengthen its financial position. According to our investigation, the significant expansion is also meant to reduce exposure to the Yen and make the asset class accessible to Japanese investors.  As confirmed by multiple sources, Metaplanet commenced its Bitcoin acquisition in April 2024 and has since purchased a significant amount every month. In July, for instance, the company made four separate purchases amounting to 105 BTC after its 19 BTC acquisition in May.  To fund this ambitious and strategic initiative, a recent board of directors meeting approved a gratis allotment of its 11th series of stock acquisition rights. This implies that shareholders would receive one stock acquisition right per common share by September 5.  According to our information, the rights would enable shareholders to acquire Metaplanet common stock at around $4 between September 6 and October 15, 2024.  Metaplanet’s Decision on Bitcoin Hinges on Two Factors According to Metaplanet’s CEO, Simon Gerovich, the consensus was reached for the fact that Bitcoin is considered “the apex monetary asset.” Also, the decision was based on two key factors – the potential of the long-term appreciation of the asset, and its ability to act as an effective hedge against inflation.…

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Filed under: News - @ August 7, 2024 5:28 pm