Japan-based company Metaplanet continues to increase its Bitcoin reserves despite a month-long decline in its stock price.
BTC Purchase and Market Share
On Thursday, Metaplanet purchased 136 BTC for $15.2 million, bringing its total holdings to 20,136 BTC, valued at approximately $2.08 billion. This makes Metaplanet the largest corporate Bitcoin holder in Asia and the sixth largest globally.
Plans for Increasing BTC Assets
Metaplanet aims to grow its Bitcoin holdings to 210,000 coins by 2027, supported by a potential $3.7 billion capital raise. Last week, investors voted to amend the company's articles to allow for an increase in authorized shares.
Challenges in Capital Raising
However, challenges remain for capital raising. An analysis from NYDIG indicates a decline in share prices and a compression of the gap between stock prices and net asset values for BTC treasury firms like Metaplanet, suggesting potential volatility in the market.
Metaplanet is pushing forward with its Bitcoin reserve strategy, but unstable market conditions and falling stock prices may pose risks to its capital-raising plans.
