Japanese investment company Metaplanet announced the formation of a wholly-owned subsidiary in the British Virgin Islands. The new subsidiary will become an integral part of Metaplanet’s corporate group, while this move will enhance the strategic management of Bitcoin assets.
By taking advantage of the favorable regulatory environment in the British Virgin Islands, the firm seeks to optimize its financial strategies and improve its positioning for global market expansion.
According to a document shared by the company on social media platform X, it has integrated Bitcoin into its financial strategy, purchasing 1.45 billion yen worth of Bitcoin to date. It intends to continue this approach, aiming to maximize its Bitcoin holdings over the long term.
Moreover, yesterday, the company’s Board of Directors approved an extra Bitcoin acquisition worth 1 billion yen, approximately 7 million USD, demonstrating its commitment. The funds for the purchase will be sourced from proceeds of the company’s second ordinary secured bond issuance. These bonds hold an annual interest rate of 0.5%, with payments expected on June 26th and redemption on June 25th.
*Metaplanet establishes wholly-owned BVI subsidiary to enhance strategic $BTC management* pic.twitter.com/plmQ3xp72W
— Metaplanet Inc. (@Metaplanet_JP) June 25, 2024
Metaplanet Adopts Bitcoin As Reserve Asset, Follows MicroStrategy’s Approach To Bitcoin Acquisitions
The company started purchasing Bitcoin in April to minimize exposure to the yen and offer its local investors an access to a convenient tax structure. The firm officially adopted Bitcoin as a reserve asset in May and obtained an extra $1.6 million worth of Bitcoin in June.
Its approach replicates that of MicroStrategy, a United States-based software company known for becoming the most formidable corporate holder of Bitcoin since 2020. As of June 20th, along with its subsidiaries, it held a total of 226,331 Bitcoins, which were bought at a combined purchase price of around $8.33 billion, with an average purchase price of about $36,798 per BTC, inclusive of fees and expenses.
The firm’s recent moves highlight a growing trend among corporations aiming to use Bitcoin as a hedge against traditional economic vulnerabilities.
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