Bitcoin-focused Metaplanet sets up subsidiary in British Virgin Islands Bitcoin-focused Metaplanet sets up subsidiary in British Virgin Islands
The subsidiary will look to position the firm for global expansion.
1 min read
Updated: Jun. 25, 2024 at 4:42 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin bull Metaplanet has established a new subsidiary, Metaplanet Capital Limited, to enhance its Bitcoin management and expand into new regions.
According to a June 25 statement, Metaplanet revealed that the subsidiary would be registered in the British Virgin Islands and be a part of its consolidation group companies.
The subsidiary will be focused on managing the Tokyo stock exchange-listed firm’s Bitcoin holdings and strengthening its BTC-only strategy. Additionally, the firm would seek to capitalize on international growth opportunities that would aid Metaplanet’s global expansion.
It added:
“This move allows us to leverage the favorable regulatory environment, optimize our financial strategies, and better position Metaplanet for global market expansion.”
The subsidiary’s representative will be Director Simon Gerovich, and its initial capital is $10,000.
Over the past months, Metaplanet has acquired 141 Bitcoin worth approximately ¥1.45 billion ($9 million), propelling it into the top 30 corporate BTC holders. Yesterday, it announced plans to issue ¥1 billion ($6.26 million) in ordinary bonds to fund additional purchases of the top digital asset.
Metaplanet’s shift to Bitcoin has earned it the moniker of “Asia’s MicroStrategy” within the crypto community. According to the firm, its BTC pivot is driven by recent economic conditions in Japan where the national currency has considerably struggled against the US Dollars. It stated:
“Metaplanet’s strategy unequivocally prioritizes a Bitcoin-first, Bitcoin-only approach for the Company, with the potential use of long-dated yen liabilities and periodic share issuances as strategic financial options to continually accumulate more bitcoin instead of retaining the ever-weaker yen.”
Meanwhile, its pro-BTC move has helped its shares rally by more than 500% within the last six months, according to Tradingview data.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Metaplanet
Metaplanet Inc., a publicly traded company listed on the Tokyo Stock Exchange (3350), is a Japanese company that has undergone a strategic transformation to focus on Bitcoin.
MicroStrategy
MicroStrategy (Nasdaq: MSTR) is a worldwide leader in enterprise analytics and mobility software.