Despite ranking as the 9th largest corporate holder of Bitcoin, Metaplanet has unveiled a major move to hold more stake in the top coin with a Florida outlet.
Metaplanet Inc., a Japanese investment company on the Tokyo Stock Exchange, is starting a new business in Florida. As announced, the company wants to raise $250 million to grow its Bitcoin holdings and increase its presence in the United States. This move will help the firm work with American investors and operate 24 hours daily across different time zones.
Metaplanet To Open New Office in Florida
In a recent statement, the company’s CEO, Simon Gerovich, shared why the company chose Florida. He said the state is becoming a global center for Bitcoin, with more companies and investors showing interest. Florida also supports financial freedom, which fits with its goals.
By opening Metaplanet Treasury Corp. in Florida, the company hopes to make it easier for U.S. investors to work with them. It will also help Metaplanet run its business without time zone limits.
The new Florida office will raise up to $250 million. These capital funds will be used to buy more Bitcoin and grow Metaplanet’s digital asset portfolio. The company wants to reach 10,000 BTC by the end of the year, almost double its current holdings.
So far, Metaplanet owns more than 5,000 BTC, worth around $473 million. A recent acquisition of more BTC has made the company the ninth-largest public Bitcoin holder.
Even though Metaplanet announced the new Florida business, no official records are yet in the state’s business registry. CEO Gerovich has not revealed when the subsidiary will officially launch.
Metaplanet Follows a Proven Strategy
The company’s plan is similar to the one used by Michael Saylor, the founder of the Nasdaq-listed company Strategy. Saylor is known for using company funds to buy large amounts of Bitcoin. The firm is doing something similar and has even called itself “Asia’s answer” to Saylor’s strategy.
The company recently raised $745 million through a unique financial tool called “moving strike warrants” to support its Bitcoin purchases. These tools allow investors to buy shares at prices that change over time, depending on the market conditions.
Metaplanet tracks its growth using a measure called “BTC Yield.” This shows how much Bitcoin the company holds compared to the number of shares it has issued. By the end of last year, its BTC Yield was 310%. In the first quarter of this year, it was 95.6%.
This means the firm is growing its Bitcoin faster than it is creating new shares, which is good news for shareholders.
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