Tokyo-listed Metaplanet is preparing to raise funds to expand its Bitcoin reserves amidst a sharp decline in stock prices.
Decline of Metaplanet's Stock
Metaplanet’s shares have dropped more than 50% since mid-June, raising concerns among investors. This situation has intensified the company's focus on refining its investment strategies regarding Bitcoin.
Plans for Share Sales and Shareholder Vote
Metaplanet announced plans to raise $884 million through overseas share sales and will hold a shareholder meeting on September 1 to vote on a proposal to issue up to 555 million preferred shares. If approved, this could raise approximately $3.8 billion for expanding Bitcoin reserves.
Eric Trump's Participation in the Company
Eric Trump, son of U.S. President Donald Trump, has joined the firm as an advisor and has received 3.3 million shares in Metaplanet. This appointment highlights the company's effort to strengthen its advisory team amidst its Bitcoin reserve expansion.
Despite the decline in stock prices, Metaplanet remains committed to its ambitious Bitcoin investment plans, which may solidify its standing in the global corporate cryptocurrency landscape.
