Breaking: Metaplanet Boosts Bitcoin Strategy With 10:1 Share Consolidation Amid Key Changes
Highlights
- Metaplanet’s Articles of Incorporation have been amended to focus on Bitcoin in treasury management.
- A share consolidation plan will reduce common shares while increasing authorized shares to 65 million.
- Five new directors have been elected to pursue growth and expand into emerging fields.
Metaplanet’s shareholders have approved a series of significant proposals during a recent general meeting, marking a pivotal moment for the company. The decisions made on June 28, 2024, involve changes to the company’s core strategy, share structure, and leadership. These approvals suggest that Metaplanet is preparing for a major transformation, potentially repositioning itself within the rapidly evolving digital economy landscape.
Key Decisions and Strategic Shifts
The extraordinary general meeting of shareholders on June 28, 2024, approved four major agenda items, signaling a dramatic shift in Metaplanet’s direction. First, the company’s Articles of Incorporation were amended to align its business purposes with a new strategic focus on Bitcoin in treasury management. This move indicates Metaplanet’s intention to become a major player in the cryptocurrency space.
Shareholders also approved a share consolidation plan, effective August 1, 2024, which will combine 10 common shares into 1, reducing the total number of authorized shares to 22,823,794. However, the meeting also approved an increase in the total number of authorized shares to 65 million, effectively tripling the company’s potential share issuance capacity.
Lastly, the meeting approved the election of five new directors. This decision aims to pursue new business opportunities, expand into emerging fields, enhance corporate value, and strengthen the company’s management structure. These approvals collectively suggest that Metaplanet is positioning itself for aggressive growth and expansion, particularly in the Bitcoin and cryptocurrency sectors.
Also Read: Binance Reveals Major Support For Curve DAO Token Amid CRV Liquidation Crisis
Metaplanet’s Bitcoin Acquisition and Market Context
Metaplanet has acquired 161 Bitcoin (BTC) worth 1.65 billion yen. The company’s average purchase price is 10,231,438 yen per BTC ($62,741). This move comes after Metaplanet issued a $7 million bond in June to fund Bitcoin purchases, following a strategy similar to MicroStrategy.
The company’s pivot to a Bitcoin-focused strategy coincides with the weakening of the Japanese Yen, which recently hit ¥160.8 against the US Dollar which is its lowest level since 1986. As the Yen loses purchasing power, Metaplanet’s actions may signal a growing trend among Japanese businesses seeking to protect their assets against currency devaluation. The company’s Bitcoin strategy highlights the increasing interest in cryptocurrency as a potential hedge against inflation in countries facing economic challenges.
Also Read: German Govt Dumps 400 BTC To Major Exchanges, Transfer Spree Continues
- Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force
- 99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction
- Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement
- ‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications
- Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
