Japan’s Metaplanet Bags More Bitcoin Sending Total Holdings To $9.6M

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Metaplanet Creates Offshore Arm for Enhanced Bitcoin Strategy – Crypto News

Published

1 year ago

June 25, 2024

Dripp

Metaplanet, a major Japanese investment company has taken a significant step to bolster its strategic Bitcoin operations. Recently, the company announced the establishment of a wholly owned subsidiary in the British Virgin Islands (BVI). This move aims to enhance Metaplanet’s ability to manage and strategize its Bitcoin holdings more effectively, positioning itself amidst the evolving dynamics of the digital asset landscape.

Metaplanet’s Establishment of Offshore Subsidiary

Metaplanet Inc. (3350:JP) has decided to set up a new wholly-owned subsidiary, according to a recent board resolution. This subsidiary will be part of Metaplanet’s group of companies. The company has made Bitcoin a key part of its financial strategy, having already bought about 1.45 billion yen worth of the cryptocurrency. The board recently approved another 1 billion yen Bitcoin purchase. Metaplanet plans to keep building its Bitcoin holdings over time.

The new subsidiary will be located in the British Virgin Islands. This location was chosen to take advantage of global growth opportunities and to better manage the company’s Bitcoin assets. They have noted other key details in the recent announcement as regards the new subsidiary, its stated that the Rep would be Director Simon Gerovich and the starting capital is valued at $10,000. Metaplanet believes this move will help them benefit from the area’s regulatory environment, improve their financial planning, and support their expansion into global markets.

Also Read: Bitcoin Crashes 30% Against Gold, Here’s Why Peter Schiff Warns Further Dip

Metaplanet’s Recent Bitcoin Acquisition and Strategy

Metaplanet has announced plans to buy Bitcoin worth about $6.25 million, using money from a recent bond sale. This move is part of the company’s strategy to hold Bitcoin as a key part of its financial reserves. The purchase follows earlier Bitcoin acquisitions by Metaplanet, including a recent buy of 23.25 Bitcoin worth around $1.59 million.

The transaction had brought the company’s total Bitcoin holdings to 141.07 BTC. However with the latest purchase on June 24, Metaplanet’s Bitcoin stash is expected to grow above 200 BTC, worth about $15 million at current prices. These ongoing purchases show Metaplanet’s active approach to using Bitcoin as an important financial asset.

Also Read: Toncoin Price Regains Support After 5% Surge; What’s Coming Next?

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