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Home News

Metaplanet Establishes Bitcoin-Focused Subsidiary in British Virgin Islands

25 June 2024
in News
Reading Time: 3 mins read
108 1
Metaplanet Establishes Bitcoin-Focused Subsidiary in British Virgin Islands

source: cryptoadventure.com

Metaplanet Inc. has announced the creation of Metaplanet Capital Limited, a wholly-owned subsidiary in the British Virgin Islands (BVI), to optimize its Bitcoin-related financial strategies.

The new entity, set to launch in July 2024 with an initial capital of US$10,000, will focus on holding Bitcoins and engaging in Bitcoin-related business activities under the leadership of Representative Director Simon Gerovich. The parent company will hold a 100% stake in the company.

By establishing a subsidiary in the Islands, Metaplanet aims to leverage the territory’s favourable regulatory environment to enhance its strategic management of Bitcoin holdings and support global market expansion efforts.

This development marks a significant step in Metaplanet’s commitment to integrating Bitcoin into its core financial strategy and operations.

The Tokyo-based company recently announced that it was adopting a “Bitcoin-first, Bitcoin-only” approach for treasury and asset management. The company cites Japan’s economic pressures, including high government debt, prolonged negative real interest rates, and a weak yen, as key factors driving this strategy.

Following that announcement, Metaplanet’s Board of Directors approved the issuance of 1 billion yen (approximately 6.26 million USD) in bonds to finance further Bitcoin acquisitions. The bonds, carrying a 0.5% annual interest rate, will fund the purchase of about 100 BTC at current market prices, adding to Metaplanet’s existing 141.07 BTC holdings as of mid-June. 

The company had purchased 117 BTC in May 2024 to demonstrate its commitment to its financial strategy. 

The market responded positively to Metaplanet’s Bitcoin-centric direction. After the announcement, the company’s shares surged by 11.5% to 96 yen (60 cents) according to data from Google Finance. This continues the trend of its stock price rising over 500% this year. For today’s trading session at the Japanese financial market, the stock closed at 95 yen (59 cents) according to the same source.

 

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Tags: BitcoinCryptocurrencyMetaplanet
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Anuoluwapo Obisesan

Anuoluwapo Obisesan

Experienced in crafting clear, user-friendly documentation and compelling news reports. Passionate about technology and delivering impactful content. Collaborative team player dedicated to accuracy and clarity. When not writing, you'll find me hunkering down with a good book.

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