Bitcoin Proxy Metaplanet Announces New US, Japan Subsidiaries As Stock Slumps
Metaplanet, aka Asia’s MicroStrategy, announces new subsidiaries in the United States and Japan to expand its Bitcoin income generation business. These are Metaplanet Income Corp., Bitcoin Japan Inc., Bitcoin Japan Co. Ltd. It follows the latest ‘silent period’ as the company received the $1.4 billion raised to finalize its international offering.
The Bitcoin treasury company also announced the strategic acquisition of the domain “Bitcoin.jp.” In addition, the company announced an adjustment of the minimum exercise price for the 20th to 22nd series of stock acquisition rights. It also released Q&A regarding overseas offerings and stock rights.
Metaplanet stock price fell 1.16% to 594 JPY despite the announcements. The 24-hour low and high were 571 and 614 JPY, respectively. As per Yahoo Finance, the stock price has tumbled 31% in a month, reducing the year-to-date (YTD) return to 71% at the time of writing. This happens as the firm sells its equities to raise funds to buy Bitcoin.
Meanwhile, U.S.-based MTPLF stock has slipped 19% in a week, down nearly 30% in a month. The YTD performance of the stock has declined to 81% amid the accelerated Bitcoin acquisition strategy. As CoinGape reported earlier, financial giants such as Morgan Stanley, UBS, Jefferies, and JPMorgan hold massive short positions in Metaplanet.
Stock prices continue to dip despite a rise in BTC price. Bitcoin jumped more than 6% in a week, with expectations of further upside after a potential Fed rate cut.
