Metaplanet Strengthens Bitcoin Strategy With 10:1 Stock Consolidation Amid Significant Changes
Metaplanet’s shareholders approved a number of important proposals at the recent general meeting, marking a pivotal moment for the company. The decisions taken on June 28, 2024 include changes in the company’s basic strategy, share structure and leadership. These approvals indicate that Metaplanet is preparing for a major transformation, potentially repositioning itself in the rapidly evolving digital economy landscape.
Fundamental Decisions and Strategic Changes
The extraordinary shareholders’ meeting on June 28, 2024 approved four main agenda items and signaled a dramatic shift in Metaplanet’s direction. First, the company’s Articles of Association were amended to align its business objectives with a new strategic focus on Bitcoin in treasury management. This move demonstrates Metaplanet’s intention to become a major player in the cryptocurrency space.
Shareholders also approved a stock consolidation plan that will combine 10 common shares into 1, effective August 1, 2024, reducing the total number of authorized shares to 22,823,794. However, the meeting also approved increasing the total number of authorized shares to 65 million; thus, the company’s potential share issuance capacity has effectively tripled.
Finally, the election of five new managers was approved at the meeting. This decision aims to pursue new business opportunities, expand into emerging areas, increase corporate value and strengthen the company’s management structure. Collectively, these confirmations indicate that Metaplanet is positioning itself for aggressive growth and expansion, especially in the Bitcoin and cryptocurrency sectors.
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Metaplanet’s Bitcoin Purchase and Market Content
Metaplanet purchased 161 Bitcoins (BTC) worth 1.65 billion yen. The company’s average purchase price is 10,231,438 yen ($62,741) per BTC. The move comes after Metaplanet issued $7 million in bonds to fund its Bitcoin purchases in June, following a strategy similar to MicroStrategy.
The company’s move to a Bitcoin-focused strategy coincides with the weakening of the Japanese yen, which recently reached ¥160.8 against the US dollar, its lowest level since 1986. As the yen loses its purchasing power, Metaplanet’s actions could signal a growth trend among global investors, as Japanese businesses seek to protect their assets against currency devaluation. The company’s Bitcoin strategy highlights the growing interest in cryptocurrency as a potential hedge against inflation in countries facing economic hardship.
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