Metaplanet has decided to expand its Bitcoin (BTC) portfolio by putting up ¥10 Billion for the project. Per records, the company has leveraged stock sales to amass over 850 BTC.
According to Somin Gerovich, Metaplanet’s Chief Executive Officer (CEO), Metaplanet's vision is to hop on Bitcoin as a coping strategy amidst irregularities in the cryptocurrency market. Joining the terrain of Microstrategy was part of the driving force inspiring Metaplanet to adopt the investment plan.
メタプラネット、株式取得権の行使結果を発表 pic.twitter.com/kutas89zJV
— Metaplanet Inc. (@Metaplanet_JP) October 22, 2024
How Metaplanet Secured the ¥10 Billion
Following the recent trends in the cryptocurrency market, it is evident that Bitcoin has been experiencing price fluctuations and instabilities. BTC trades somewhere between $67,000 and $69,000, sometimes even lower. Like many other companies, the Japanese investment firm hopes to leverage the situation to amass as much BTC as possible before its trading price hits $70K.
Metaplanet expanded its vestment rights across stock acquisition and EVO FUND. Different shareholders expressed their solidarity by participating actively in the capital-raising plan. Per statistics, over 13,774 investors indicated interest.
EVO FUND served as a complementary firm to achieve the target for the vestment project. Synergistically, after concluding the 11th series of stock acquisition programs, a cumulative amounting to ¥10 billion was realized.
Interestingly, the Japanese investment platform transferred the unused acquisition rights to EVO FUND for future investment plans. Additionally, Metaplanet leveraged Bitcoin options by partaking in trades that remitted about $2 million in profits.
Why Is Metaplanet Scooping up BTC Aggressively?
Like many other trading firms, Metaplanet drifted from other traditional digital assets to Bitcoin to remain relevant in the global market when the price of Bitcoin regains stability. BTC is unarguably the leading digital asset in the crypto space, and its activities will significantly impact the market. Metaplanet understood this and resorted to carrying out plans in alignment.
Furthermore, the Japanese economy is battling internal crises ranging from high government debt to low interest rates. Hence, one could assert that Metaplanet is leveraging Bitcoin to offset its Yen holdings to evade accumulating preventable losses.
