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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.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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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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