Japanese investment firm Metaplanet is planning to raise 9.5 billion yen (approximately $62 million) through a stock acquisition initiative to expand its Bitcoin holdings. This move would result in the acquisition of approximately 652 Bitcoin based on current market prices of around $95,000 per Bitcoin.
This investment strategy aligns with the growing significance of Bitcoin and the urgent need for companies to diversify their reserves away from fiat currency due to the Japanese yen’s depreciation and the USD/JPY exchange rate reaching 154. Metaplanet’s bold Bitcoin strategy has coincided with a dramatic 1,366% rise in its stock price over the past year, now trading at around $15.60.
In October, Metaplanet completed its 11th Stock Acquisition Rights, raising $66 million, which was also allocated to Bitcoin purchases. This recent announcement comes as part of Metaplanet’s broader strategy to systematically increase its Bitcoin holdings through periodic stock issuances and the strategic use of debt.
This approach has already proven successful, with Metaplanet’s proactive approach to Bitcoin investments aligning with a broader trend among corporations diversifying into the cryptocurrency market.
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<p>The post Japanese Firm Plans $62 Million Bitcoin Expansion first appeared on CoinBuzzFeed.</p>
