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Japan on Bitcoin: Metaplanet raises $745 million
By Davide Grammatica
Japanese VC Metaplanet unveiled a $745 million Bitcoin investment plan, the largest in the history of Asian markets
Metaplanet's move
Metaplanet, a large Japanese investment company, announced in recent hours a 116 billion Japanese yen (about $745 million)Bitcoin investment plan . The initiative consists of the issuance of 21 million warrants, or securities that give the holder the right to buy the underlying Metaplanet shares at a predetermined price (before the expiration of the warrant itself).
This would be, according to the company, the “largest capital raising in the history of Asian equity markets to buy BTC.” And it would certainly mark a major step change for institutional investment in the Asian region.
The reasons behind this decision consist of noting the excellent performance of the first cryptocurrency, even in the face of many difficulties, and the parallel suffering of the Japanese yen, including in relation to the U.S. dollar. Therefore, the capital raising was designed to be executed as quickly as possible, in the manner mentioned above.
Bitcoin also an object of desire in Japan
Metaplanet had already started an “accumulation plan” on Bitcoin, but now it seems to have decided to switch gears. Just last December, the company had purchased 619.7 BTC ($60.6 million) thanks through an earlier bond issue, and today it aims to climb the ranks of the largest BTC holders in the country, with a plan to expand holdings to 10,000 BTC by 2025 and 21,000 BTC by 2026.
“The market has recognized Metaplanet as the leading Bitcoin company in Tokyo, and we are seizing this momentum to consolidate our position as a global leader,” said Simon Gerovich, ceo of Metaplanet.
