Metaplanet, an investment company in Japan, is attracting attention as it continuously raises funds to buy more, despite opposition from shareholders and a sharp decline in stock price.
Raised 61 Million USD to Buy Bitcoin
On December 22, announced the issuance of bonds worth 5 billion yen (approximately 31.9 million USD) to increase the amount of Bitcoin in its investment portfolio.
Just a few days earlier, the company had issued another bond, raising the total amount of capital raised to buy Bitcoin to nearly 61 million USD.
Controversial Bitcoin Strategy
Metaplanet self-identifies as a "Bitcoin treasury company," claiming a pioneering responsibility in building the Bitcoin ecosystem in Japan.
However, the company's shareholders are concerned: Metaplanet's stock price is currently only 23 USD, down nearly 3% on the day and 12% for the week.
"Asia's MicroStrategy"
Metaplanet is likened to the Asian version of MicroStrategy, the American company that owns the largest amount of Bitcoin in the world with 423,650 BTC (equivalent to over 41 billion USD).
In April 2024, Metaplanet first bought Bitcoin with a transaction value of 1 billion yen.
Market Impact
Bitcoin reached a new peak of 108,135 USD on December 19, but dropped to 92,245 USD after the speech of the Chairman of the Federal Reserve (FED), Jerome Powell, regarding interest rate policy. Currently, Bitcoin is trading at 96,846 USD.
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Conclusion
Despite facing skepticism from investors, Metaplanet remains steadfast in its strategy to turn Bitcoin into a strategic asset on its balance sheet. This is a clear signal of the trend of companies in Asia increasingly valuing Bitcoin as a long-term investment channel.