Once again, Metaplanet Inc, known as “Asia’s MicroStrategy”, raised 10 billion yen (about US$68 million) through a recent share sale. The goal of this large investment is to support its aggressiveness Bitcoin Acquisition strategy.
Similar to the tactics of well-known companies like MicroStrategy, the move comes as the company continues to position itself as a major player in the cryptocurrency sector.
Metaplanet: Great investment in Bitcoin
With the participation of more than 13,000 individual shareholders, Metaplanet announced on October 22 that it has successfully completed the eleventh round of equity acquisition rights. This money will go towards purchasing more Bitcoin so that the company can expand its already large holdings.
*Metaplanet announces the results of exercising the rights to acquire shares* pic.twitter.com/MquO6JFNEX
– Metaplanet Company (@Metaplanet_JP) October 22, 2024
Dead planet Share price It fell approximately 5.85% despite the successful funding, which was indicative of some instability in the market amid changing Bitcoin values.
“Thanks to this financing, we can continue to strengthen our Bitcoin reserves and provide our investors with a hedge against Japan’s economic problems,” Simon Jerovich, the company’s CEO, said in a statement, stressing the importance of the financing.
Since earlier this year, the company has been actively buying Bitcoin because it views it as a strategic asset that can help reduce risks from a falling yen.
BTCUSD trading at $67,485 on the daily chart: TradingView.com
Expanded Bitcoin wallet
Metaplanet has already shown success with its recent acquisition strategy. Just a few weeks before this investment announcement, the company paid 1 billion yen (about $6.7 million) to acquire an additional 107.91 BTC, increasing its total holdings to about 855 BTC. Given MicroStrategy’s unique approach to investing in cryptocurrencies, this strong accumulation demonstrates a dedication to using Bitcoin as a treasury reserve asset.
Since launching its Bitcoin strategy, the company’s stock has seen impressive growth, increasing nearly 500% so far this year. Despite sporadic declines in the larger cryptocurrency market, investors have reacted positively to Metaplanet’s distinct vision and dedication to digital assets.
Impact on the market and future prospects
The fundraising comes at a time when Bitcoin is struggling resistance About $69,000. However, Metaplanet never gives up on its mission to increase its inventory.
The company has tested several strategies to improve its investment thrust, some through Bitcoin options trading and others through strategic collaborations with market finance giants like SBI Group.
All eyes will be on how these investments perform in an often changing market, as Metaplanet prepares to use its newly acquired cash for more acquisitions.
Metaplanet aims to be among the largest Bitcoin holders in Asia, and is promoting itself not only as an investor but also as a pioneer in integrating cryptocurrencies into traditional finance.
Featured image from Envato Elements, chart from TradingView