Japanese Firm Metaplanet Shares Strategy With $58.76 Million Bitcoin Investment Plan
Metaplanet shares its bold Bitcoin strategy with an 8.5B yen ($58.76M) investment plan. At the Bitcoin 2024 conference in Nashville, executives at Metaplanet and Semler Scientific expressed admiration for MicroStrategy's Bitcoin playbook. The new strategy aims to accumulate a considerable amount of Bitcoin based on confidence in the asset's long-term appreciation.
Metaplanet is looking to offer stock rights to funda $58.76M Bitcoin expansion. The plan is part of a larger fundraising goal totaling around $69.13M (10.8B yen) to bolster its Bitcoin holdings.
Both Metaplanet and Semler Scientific shares have soared after following MicroStrategy's Bitcoin playbook. This year, the strategy inspired them to emerge from their zombie' status.
Metaplanet Described As a Zombie Company' Before Embracing BitcoinOn July 25 at the Bitcoin Conference in Nashville, Metaplanet's CEO Simon Gerovich described how the firm was beginning to show characteristics of a zombie company. Gerovich eventually understood that Bitcoin could reduce the company's exposure to the fast-depreciating yen while strengthening its balance sheet.
We realized that Bitcoin is the apex monetary asset [and] something great for our treasury to have... we then made it our stated goal to own and to purchase as much Bitcoin as we can over time. Metaplanet's CEO Simon Gerovich
On August 6, Metaplanet announced each common shareholder will receive one stock acquisition right for each share of common stock they hold.' All common shareholders will receive the rights on September 5, with the allotment taking effect from September 6.
Metaplanet's Recent Bitcoin Buying Spree*Metaplanet announces 10.08 billion Gratis Allotment of Stock Acquisition Rights; proceeds to fund additional purchases of $BTC* pic.twitter.com/4OdTFdHnfF
- Metaplanet Inc. (@Metaplanet_JP) August 6, 2024
Metaplanet first dipped its toes into Bitcoin's waters in mid-May when it bought 117$BTC. After that, it seems to have been following a Bitcoin-first, Bitcoin only strategy.
Metaplanet's recent investment in Bitcoin coincides with the current volatile financial market. Japanese stocks surged more than 10% on Tuesday, a day after experiencing their worst plunge since 1987. This plunge caused a cascading effect,with Bitcoin fallingas low as $49,000.
Metaplanet's move shows that $BTC HODLers remain bullish and are not cowed by global share markets' recent massive falls.
Will the market stabilize or crash again? We'll have to wait and see.
References- Notice Regarding the Gratis Allotment of Stock Acquisition Rights (Metaplanet's announcement)
- Metaplanet, Semler Scientific were zombie companies' until Bitcoin, execs say (Cointelegraph)
- Japanese firm Metaplanet to invest $58.76M in Bitcoin (Cointelegraph)
- Strategic Treasury Transformation and Bitcoin Adoption by Metaplanet (Metaplanet media release)
- (Progress of Disclosure) Notice Concerning the Purchase of Bitcoin (Metaplanet release)
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