On May 12th, COINOTAG reported that Simon Gerovich, CEO of the publicly traded firm Metaplanet, has expanded the company’s bitcoin reserves to 6,796 coins after securing an additional 1,241 bitcoins. This move has positioned Metaplanet ahead of El Salvador, which currently holds 6,714 bitcoins. Gerovich, previously the head of the stock derivatives division at Goldman Sachs, has shifted the company’s focus from hotel development to cryptocurrency investments since the pandemic adversely impacted its operations. Following a significant downturn, with market capitalization plummeting to approximately $15 million, UTXO Management invested in Metaplanet, catalyzing its strategy towards bitcoin. The firm has since witnessed an increase in shareholder count to nearly 50,000, and its market cap skyrocketed to $2 billion. Notably, Metaplanet is set to launch the largest public equity financing in Asia, targeting $750 million to bolster its bitcoin portfolio.
Source: https://en.coinotag.com/breakingnews/metaplanet-surpasses-el-salvador-ceo-simon-gerovich-acquires-1241-bitcoins-raising-total-holdings-to-6796/