Bold Bitcoin Move from Metaplanet: Is the Company Buying the Dip?
On Monday, the Japanese investment firm Metaplanet declared that it had paid about $117.2 million for 1,112 Bitcoin. This reaches the company’s goal for this year, bringing its total Bitcoin holdings to 10,000 BTC.
A $210 million bond issuance to the Cayman Islands-based investment firm EVO Fund was approved by the board at the same time as the announcement. These interest-free bonds, which mature in December, are a part of the company’s 18th series of regular bond offerings.
Metaplanet’s $210M Bond Sale Fuels Massive Bitcoin Accumulation
A regulatory filing states that the proceeds from the sale of the bonds will be used to buy Bitcoin. Although the timing implies that the two events are closely related, Metaplanet did not specify whether the 1,112 BTC was purchased before or after the payments were received.
We hold 10,000 $BTC acquired for ~$947 million at ~$94,697 per bitcoin.
Browse PostsCEO Simon Gerovich
Metaplanet’s $5.3B Expansion Plan Rattles Investors
With the issuing of 555 million additional shares, Metaplanet recently announced ambitions to raise up to $5.3 billion in addition to its bond program. One of the shortest stocks in Japan is Metaplanet, even with the increase in Bitcoin holdings. 10x Research analysts stated in May that the company’s valuation suggested a Bitcoin price of approximately $596,000, more than five times the existing amount.
Apparently, Metaplanet is the most shorted stock in Japan. Do they really think betting against Bitcoin is a winning strategy?
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