Metaplanet Inc., a Tokyo-listed investment firm, has announced plans to establish a wholly owned subsidiary in Florida. The firm aims to raise $250 million to further fuel its Bitcoin treasury strategy. After crossing the 5,000 BTC threshold last week, Metaplanet will operate the new entity, named Metaplanet Treasury Corp., with the intention of expanding its access to U.S. institutional investors and bolstering 24-hour operations across different time zones.
In a loosely translated tweet, Metaplanet’s CEO, Simon Gerovich, expressed the rationale behind the selection of Florida. “The state is rapidly emerging as a global hub for Bitcoin innovation, corporate adoption, and financial liberalization,” he wrote.
Gerovich further stated that the planned capital of up to $250 million would not only accelerate its Bitcoin treasury strategy but also serve as a vital step in expanding access to liquidity for institutional investors in one of the world’s leading capital markets. Metaplanet is confident that the move will “strengthen” its “around-the-clock operational capabilities” and cement its position in the U.S. market.
However, as of now, no records for the subsidiary have appeared in Florida’s state business registry, and Gerovich has not yet responded to a request for comment.
This strategic move mirrors that of Strategy founder Michael Saylor’s corporate Bitcoin adoption playbook. Metaplanet has drawn inspiration from Saylor’s approach, positioning itself as “Asia’s answer” to the industry leader.
The creation of a U.S. subsidiary comes on the heels of Metaplanet’s appointment of Eric Trump to its strategic advisory board. The company aims to expand its Bitcoin holdings by an impressive 470% within the year, with a target of reaching 10,000 BTC.
Starting its accumulation strategy in April last year with just 97.8 BTC, Metaplanet has consistently grown its Bitcoin stash. This month alone, the company has acquired over 1,650 BTC valued at approximately $156 million.
This was made possible by what Metaplanet has described as “Asia’s largest-ever” capital raise of $745 million, structured around zero-discount moving strike warrants. These are akin to options in equity derivatives, offering investors the right but not the obligation to purchase a company’s shares at a strike price that varies over time.
The firm tracks its Bitcoin accumulation efficiency using a metric known as “BTC Yield,” which compares its Bitcoin holdings to its outstanding shares. This measure skyrocketed from 42% to 310% by the end of last year and hit 95.6% in the first quarter of this year. This indicates that the company had been acquiring Bitcoin at a pace exceeding its share issuance.
Data from Bitcoin Treasuries reveals that Metaplanet now holds 5,000 BTC on its books, valued at around $473 million. This places it 11th among entities holding Bitcoin.
