Metaplanet Expands to Miami Amid Stock Slump - Bold Crypto Bet or Desperate Move?
Metaplanet plants its flag in Miami's crypto oasis while shares tumble—timing the market or mistiming reality?
Strategic Pivot or Survival Play?
The Japanese investment firm barrels into Magic City as its stock price bleeds out. Miami's regulatory sunshine and crypto-friendly vibes beckon, but can tropical tax havens revive a sinking ship?
Wall Street's traditional playbook looks rusty next to this crypto-curious maneuver. While legacy finance frets over quarterly earnings, Metaplanet's Miami move whispers: adapt or die.
Another finance giant chasing crypto's siren song—because nothing says 'innovation' like relocating to a tax haven during a downturn.
Metaplanet Announces Bitcoin-Focused US Subsidiary
Metaplanet, a Tokyo-listed Bitcoin treasury firm, has announced the expansion of its operations to the US. The firm holds 20,136 BTC, worth over $2.3 billion. According to a press release, the firm is setting up a subsidiary in Miami to manage and grow “income-generation activities.” The wholly-owned subsidiary, called Metaplanet Income Corp., will have an initial $15 million in capital. According to the statement, the subsidiary will enable the parent company to pursue derivatives operations and related activities that generate revenue. The announcement formalizes a business launched in late 2024. Metaplanet claims the business has produced consistently growing revenue and net income. CEO Simon Gerovich had stated at the time,
“Metaplanet has established Metaplanet Income Corp. in the U.S. to further expand our Bitcoin Income Generation Business. This business has become our engine of growth, generating consistent revenue and net income. We are cash FLOW positive, producing significant internal cash flow to support future initiatives.”
Expanding Its Net Asset Value And International Base
The US subsidiary comes after an international equity offering that Metaplanet described as a step toward expanding its institutional base and its Bitcoin net asset value. The company stated in a separate Q&A that overseas funding will help accelerate Bitcoin acquisitions, support future capital policy, and position it as one of the world’s largest corporate Bitcoin holders. Gerovich stated that Metaplanet’s international equity offering drew participation from sovereign wealth funds, large mutual fund groups, and hedge funds, and described their participation as an endorsement of the firm’s Bitcoin strategy. According to reports, Metaplanet raised $1.4 billion from the offering, significantly higher than its $880 million target.
Metaplanet has regularly made large Bitcoin purchases while diversifying its capital formation pathways and increasing its US footprint.
Shares Fall
Meanwhile, Metaplanet shares dropped 4% to $4.06 on Wednesday. The firm’s stock price has fallen almost 70% over the past three months. However, it remains up 74% year-to-date. The company disclosed an operating profit of ¥817 million ($5.5 million) on ¥1.23 billion ($8.4 million) in total sales during the second quarter. The performance was largely driven by the firm’s income-generation segment, which generated ¥1.13 billion ($7.7 million) through the sale of Bitcoin put options.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
