Metaplanet Sets Up Shop In Miami As Stock Price Slumps

Metaplanet has set up a subsidiary in Miami as it attempts to scale its Bitcoin income and derivatives operations. The US subsidiary will be called Metaplanet Income Corp. 

The Japanese Bitcoin treasury firm had previously raised $1.4 billion and has increased its Bitcoin stash to 20,136 BTC. 

Metaplanet Announces Bitcoin-Focused US Subsidiary 

Metaplanet, a Tokyo-listed Bitcoin treasury firm, has announced the expansion of its operations to the US. The firm holds 20,136 BTC, worth over $2.3 billion. According to a press release, the firm is setting up a subsidiary in Miami to manage and grow “income-generation activities.” The wholly-owned subsidiary, called Metaplanet Income Corp., will have an initial $15 million in capital. According to the statement, the subsidiary will enable the parent company to pursue derivatives operations and related activities that generate revenue. The announcement formalizes a business launched in late 2024. Metaplanet claims the business has produced consistently growing revenue and net income. CEO Simon Gerovich had stated at the time, 

“Metaplanet has established Metaplanet Income Corp. in the U.S. to further expand our Bitcoin Income Generation Business. This business has become our engine of growth, generating consistent revenue and net income. We are cash flow positive, producing significant internal cash flow to support future initiatives.”

Expanding Its Net Asset Value And International Base 

The US subsidiary comes after an international equity offering that Metaplanet described as a step toward expanding its institutional base and its Bitcoin net asset value. The company stated in a separate Q&A that overseas funding will help accelerate Bitcoin acquisitions, support future capital policy, and position it as one of the world’s largest corporate Bitcoin holders. Gerovich stated that Metaplanet’s international equity offering drew participation from sovereign wealth funds, large mutual fund groups, and hedge funds, and described their participation as an endorsement of the firm’s Bitcoin strategy. According to reports, Metaplanet raised $1.4 billion from the offering, significantly higher than its $880 million target. 

Metaplanet has regularly made large Bitcoin purchases while diversifying its capital formation pathways and increasing its US footprint. 

Shares Fall 

Meanwhile, Metaplanet shares dropped 4% to $4.06 on Wednesday. The firm’s stock price has fallen almost 70% over the past three months. However, it remains up 74% year-to-date. The company disclosed an operating profit of ¥817 million ($5.5 million) on ¥1.23 billion ($8.4 million) in total sales during the second quarter. The performance was largely driven by the firm’s income-generation segment, which generated ¥1.13 billion ($7.7 million) through the sale of Bitcoin put options.

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