Metaplanet (USOTC:MTPLF), often called the “MicroStrategy of Asia,” announced a major expansion of its Bitcoin (COIN:BTCUSD)-related operations with the creation of new subsidiaries in the United States and Japan.
In the U.S., the company established Metaplanet Income Corp., headquartered in Miami. The subsidiary, fully owned by Metaplanet Holdings Inc., will focus on generating Bitcoin income through financial products such as derivatives. The company has committed $15 million in initial capital to launch operations.
At the same time, in Japan, Metaplanet created Bitcoin Japan Inc., which will be responsible for media platforms, conferences, and educational initiatives. The unit already includes the recently acquired Bitcoin.jp domain, as well as Bitcoin Magazine Japan and the Bitcoin Japan Conference.
According to CEO Simon Gerovich, the Bitcoin income-generation business has become a growth driver for the company, ensuring positive cash flow and supporting new initiatives.
Currently, the company holds 20,136 BTC on its balance sheet, valued at more than $2.3 billion, following its most recent purchase of 1,009 BTC for $112 million. This positions Metaplanet among the largest corporate holders of Bitcoin worldwide, second only to MicroStrategy (NASDAQ:MSTR).
The expansion comes shortly after Metaplanet raised $1.4 billion in an international share offering, with proceeds earmarked to increase its Bitcoin reserves and fund new digital asset-related projects.
Despite the announcement, Metaplanet shares fell 1.16% in Tokyo to 594 yen, bringing their one-month decline to 31%. In the U.S., the stock dropped 20.2% over the past week, even as Bitcoin prices climbed.
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