Metaplan’s (3350) Board of Directors has approved a capital injection of up to $ 5 billion to its US subsidiary, Metaplanet Treasury Corp, in an attempt to speed up its Bitcoin
Acquisition strategy.
The Japanese hotel company set up its Florida-based subsidiary on May 1 with the aim of expanding its global Bitcoin Treasury operations.
The contribution is expected to significantly speed up the implementation of its “555 million plan”, which was revealed earlier on June 6, the company said in a statement.
Metaplan’s strategic goal is to accumulate up to 210,000 BTC by the end of 2027 and utilize the deep capital markets and advanced institutional infrastructure in the United States to optimize acquisition and management processes.
This US expansion is in line with the company’s broader vision of establishing a globally integrated Treasury Model that supports the shareholder value, improves the Treasury benefit efficiency and strengthens its leadership at Bitcoin Capital Markets.
The financing for this contribution comes from exercising on 20 to 22nd row of share purchase rights and all income will be directed at further Bitcoin purchases. It is important that there is no change in the previously revealed intended use of funds.
The financial impact on the company’s current financial year results is expected to be minimal, but the Metaplanet has committed to immediately revealing any material development.
Shares of the Tokyo-listed Metaplanet, the eighth largest business owner of Bitcoin with 11.111 BTC, closed 7% lower on Tuesday.
Read more: Metaplanet buys 1,111 Bitcoin for $ 117 million.
