A publicly traded company on the Tokyo Stock Exchange is raising capital. And they plan to use it to buy more Bitcoin.
What’s happening:
- Japanese holding company Metaplanet (TYO:3350) has announced they will raise ¥1B through bonds to buy more Bitcoin
Why it matters:
- Publicly traded companies across the world have begun to convert cash into Bitcoin which has fuelled a frenzy in traditional markets beginning to represent meaningful demand for Bitcoin alongside of spot Bitcoin ETFs in the United States
Going deeper:
- Up until recently, Metaplanet had no exposure to Bitcoin whatsoever which has subsequently changed with two purchases for a total of 410 Bitcoins
- Previously, Metaplanet had been focused entirely on venture investments and real estate holdings which include the ownership of boutique hotels and other commercial properties
The intrigue:
- Microstrategy (NASDAQ: MSTR) has been continuing to raise capital for the sole purpose of purchasing more Bitcoin for quite some time, recently raising more than $700M USD to add to their Bitcoin holdings
