Bitcoin whale Metaplanet ‘underwater’ but eyeing more BTC: Asia Express
Metaplanet might be underwater, but it’s doubling down on Bitcoin — plus a new survey shows 6 in 10 Singaporeans hold crypto. Asia Express.
Japans largest corporate Bitcoin holder, Metaplanet, plans to raise around $135 million to accumulate more BTC, even as the assets price continues to trade below $90,000.
The company is choosing to raise capital through issuing preferred shares instead of common stock, which seems to be largely to protect the stock price from tanking any further. Metaplanets share price has already plummeted nearly 60% in the past six months, now standing at 387 JPY (approximately $2.46 USD), according to Google Finance.
To avoid further volatility, the company will issue preferred shares with a 4.9% dividend instead of common shares, as per a statement published on Thursday.
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