Japanese investment firm Metaplanet has announced plans to raise over $62 million through a stock issuance to bolster its Bitcoin reserves, amid a weakening Japanese yen.
Bitcoin Gains Prominence
Metaplanet highlighted Bitcoin's significance, noting its recent all-time high of $99,645.39 on November 22. Simultaneously, the yen's depreciation has raised concerns over currency stability, prompting the company to increase its Bitcoin holdings.
Pivoting Away from the Metaverse
As part of its strategy, Metaplanet is moving away from metaverse-related ventures due to a lack of near-term profitability prospects, focusing instead on integrating Bitcoin acquisition into its corporate treasury approach.
Plan to Expand Bitcoin Holdings
Following the successful $62 million raise, Metaplanet plans to acquire around 652 Bitcoins at the current price of $95,000 per unit, aligning with its strategy to diversify treasury assets and reduce exposure to the yen's decline.
Metaplanet's strategy to increase Bitcoin holdings underscores its confidence in cryptocurrency as a hedge against traditional currency instability.
