Metaplanet acquired 1,009 Bitcoin (BTC) for around $ 112 million, which means that the total interests of the Japanese company up to 20,000 BTC brought in the midst of the approval of shareholders for an ambitious plan to add $ 2.8 billion to his treasury to 2027.
The company listed by Tokyo announced the purchase on September 1Paying an average price of 16.3 million yen ($ 110,720) per bitcoin. The strategy for capital expansion was voted during the extraordinary general meeting of Metaplanet.
The acquisition pushes the Bitcoin Treasury value of metaplanet to more than $ 2.1 billion, which confirms its position as the largest Bitcoin holder in Asia. Moreover, it makes the company the sixth largest BTC holder worldwideExpected uproar platforms.
EGM approves strategy for multi-billion dollars
During the shareholders’ meeting, CEO Simon Gerovich outlined the company’s plan to acquire 210,000 BTC by 2027, which represents about 1% of Bitcoin’s total offer.
The strategy includes issuing a maximum of 555 million preference shares, which can yield ¥ 555 billion ($ 3.8 billion), especially for Bitcoin purchases.
Eric Trump attended the meeting as a strategic adviser to Metaplanet and participated in a Hireside chat with Gerovich. Trump praised the leadership of the CEO and stated that Gerovich “represents one of the most honest people I have ever met in my entire life and calls the combination of strong leadership and bitcoin” a winning combination “.
Gerovich then asked the more than 3,000 attendees or they would approve to change the articles of association of the company to make the issue of preference shares possible, with which they agreed.
Two classes of shares
The approved preferred stock plan comprises two classes of eternal supply offer. Class A shares offer a yield of 5%, designed to compete with traditional products with a fixed income.
In the meantime, class B shares have a higher risk, but include conversion options in ordinary shares.
Gerovich emphasized the unique position of Japan for Bitcoin-supported financing and noted that the lowest interest rates in the country under G7 countries represent ‘our hidden super power’.
The preference shares are limited to 25% of the Bitcoin -Netto asset value of the company.
The acquisition comes when Metaplanet reported profit for the second quarter of 11.1 billion yen ($ 75.1 million), which represents a quarter to quarter a quarter.
The Bitcoin income generation of the company, mainly due to the sale of PUT options, contributed 1.9 billion yen ($ 12.9 million) to turnover during the quarter.
Metaplanet was recently upgraded to the status of the Mid-Cap in FTSE Russell’s September Review, with inclusion in both the FTSE Japan Index and the FTSE All-World Index.
The plan to reach 210,000 BTC in its treasury would place Metaplanet in addition to strategy on the list of companies with at least 1% of Bitcoin’s range.
