As a seasoned investor with a penchant for spotting trends and making strategic moves, this news about Metaplanet’s Bitcoin acquisition plan has piqued my interest. Having witnessed the rollercoaster ride of the crypto market over the years, I can’t help but admire the foresight of firms like Metaplanet. They understand that while the yen may depreciate, Bitcoin’s prominence continues to grow, making it a wise investment choice.
Metaplanet, a Japanese investment company, aims to collect approximately 9.5 billion Japanese Yen, equivalent to around $62 million, by issuing stocks as part of a strategy to buy additional Bitcoins for their existing holdings. As of now, their Bitcoin reserves amount to 1,142 coins, valued at over $109 million.
On November 28, the company announced that they will grant EVO Fund, an investment company based in the Cayman Islands, 12th Stock Acquisition Rights, amounting to 29,000 units, through a third-party distribution.
Metaplanet stated that most of the money we’ve raised recently will be used thoughtfully for buying more Bitcoin.
Our plan is to openly use borrowing money and regular Bitcoin purchases, which will help us gradually accumulate more Bitcoins. At the same time, this strategy aims to lessen our vulnerability to the falling value of the Japanese Yen.
According to Metaplanet’s analysis, the significance of Bitcoin (BTC) has risen even further following its record peak at $99,645.39 on November 22nd.
Simultaneously, the Japanese yen is weakening, causing the US dollar-yen exchange rate to revert to approximately 154, which remains a source of concern for the company, as expressed in their statement.
Considering the current situation, it’s clear that growing our Bitcoin investments is crucial. That’s why we’ve chosen to move forward with this fundraising project.
Should the stock acquisition be authorized according to Japan’s Financial Instruments and Exchange Act, it will take place between December 16, 2024, and June 16, 2025.
Should Metaplanet manage to gather the entire $62 million, it may potentially buy approximately 652 additional Bitcoins, given their current market value of around $95,000 each.
Simultaneously, the company announced they are postponing their plans for businesses in the metaverse sector since there’s currently no sign of profitability. They also disclosed that they intend to include the acquisition and storage of Bitcoin within their declared corporate treasury strategy.
In October, Metaplanet finalized the acquisition of Stock Purchase Rights for the 11th time, accumulating a total of approximately $66 million or 10 billion Japanese yen. A portion of this amount was used for the purchase of Bitcoin.
Initially, it was announced in April that the company intended to invest in Bitcoin. Over the past year, Metaplanet’s share price has experienced a significant increase of approximately 1,365.63%, currently hovering around $15.60 (or roughly 2,345 Japanese yen), as per Google Finance data.
Nevertheless, it hasn’t reached its peak of $2,521.76 or approximately 379,000 Japanese yen, which was set back in February 22, 2013.
More companies, in increasing numbers, have decided to include Bitcoin in their financial records this year.
As an analyst, I’m sharing that Rumble, a YouTube alternative, publicly disclosed their intentions to invest in Bitcoin on November 25. This decision comes shortly after our CEO hinted at such a move on social platforms.
On November 18th, the artificial intelligence company Genius Group made a move by investing $10 million to acquire approximately 110 Bitcoins. Their strategic goal is to increase their Bitcoin holdings to account for around 90% of their total reserves in the future.
Semler Scientific, a tech solutions company, announced that it purchased an extra 215 Bitcoins at a cost of $17.7 million in cash during the period from November 6th to November 15th. This addition brings their total Bitcoin holdings to 1,273.
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2024-11-29 05:48