Metaplanet, a Japanese public company, has just announced plans to issue 29,000 stock options worth $62 million to buy more $BTC , to increase its reserves and reduce the risk from the Japanese yen's depreciation.
Strong Bitcoin Collection Strategy
According to a November 28, 2024 announcement, Metaplanet will partner with the Cayman Islands-based EVO Fund to distribute stock options to outside investors. The proceeds will be used to purchase approximately 643 Bitcoins, at the current Bitcoin price of $96,600.
Metaplanet stated:
"We will continue to use debt and periodically issue shares to increase the amount of Bitcoin in our reserves, minimizing risks from the depreciation of the Japanese yen."
If approved, the stock option issuance process will take place from December 16, 2024, to June 16, 2025.
Impressive results from the Bitcoin strategy
Since starting the Bitcoin purchase plan in April 2024, #Metaplanet has accumulated 1,142 BTC at an average price of $65,972/BTC. Currently, the company reports a profit of 46.47%, with the BTC reserve value exceeding $110 million.
Notably, the stock price of Metaplanet has risen by 1,365.63% in the past year, surpassing the growth rate of Bitcoin. However, the current level is still far from the peak reached in 2013.
Temporarily suspending the metaverse, focusing on Bitcoin
In the latest announcement, Metaplanet stated that it will suspend metaverse business activities due to a lack of profit prospects. Instead, the company is prioritizing building a financial strategy around Bitcoin.
Bitcoin - The trend among major enterprises
Not only Metaplanet, but other companies are also ramping up their Bitcoin holdings:
• Marathon Digital Holdings: Purchased $615 million in Bitcoin through bond issuance.
• Semler Scientific: Added 297 BTC to its reserves in just 4 days.
• MicroStrategy: Spent $5.4 billion to acquire an additional 55,500 BTC at an average price of $97,862.
The competition to accumulate Bitcoin demonstrates the increasing importance of this cryptocurrency in global financial strategies. Metaplanet, with this bold move, is reinforcing its pioneering position in the cryptocurrency field.
