Metaplanet Inc. (Tokyo: 3350), a traditional web2 company quickly transitioning to web3 technology, has made a significant move to strengthen its Bitcoin (BTC) strategy. Today, the company announced that it raised over ¥10 billion (around $67 million) through a stock acquisition rights program. This funding will help Metaplanet enhance its position in the fast-changing cryptocurrency market.
According to CEO Simon Gerovich, the stock acquisition rights program was fully subscribed, with participation from 13,774 investors. Following this success, Metaplanet plans to buy more Bitcoins to improve its balance sheet.
It seems like Metaplanet is determined to take the leading role in the crypto landscape, leaving all competitors behind.
Currently, Metaplanet holds 861.387 Bitcoins, worth about ¥8 billion, which it has acquired through various initiatives. With the completion of the stock acquisition rights program, the company’s Bitcoin holdings will exceed 1,600, translating to over $100 million in value.
Since adopting its Bitcoin strategy, Metaplanet’s stock has surged over 550 percent year-to-date, trading at around ¥1,110 on Wednesday. The company, now valued at ¥23 billion, aims to follow in the footsteps of MicroStrategy Inc. (NASDAQ: MSTR), which has seen its market capitalization rise to over $40 billion.
Following MicroStrategy’s Moves
As of now, MicroStrategy holds more than 250,000 Bitcoins, accounting for over 1 percent of the total circulating supply. This aggressive accumulation strategy has set a standard for other companies entering the cryptocurrency space.
Despite strong demand for Bitcoin from major investors, reflected in significant cash inflows into U.S. spot BTC ETFs, the flagship cryptocurrency has struggled to gain bullish momentum like Gold.
From a technical analysis viewpoint, Bitcoin needs to consistently close above the resistance/support level around $69,500 to avoid a potential sell-off below $60,000 in the near term.
Could Metaplanet’s success inspire other companies to follow suit and embrace Bitcoin? Time will tell.
PEPE hopped its way to a $3.8 billion market cap, but its reign as a…
Ripple’s (XRP) recent rally from $2.00 to $2.20 has sparked excitement among cryptocurrency enthusiasts. This…
The crypto circus has a new ringmaster: Influencer Pepe (INPEPE). This Pepe-the-Frog-inspired token is making…
The global cryptocurrency market took a major hit today, with the total market capitalization falling…
The cryptocurrency market took a nosedive Thursday, with Bitcoin and its digital cousins feeling the…
The US markets are facing one of the biggest crashes, with over 4% loss in…
