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 approximately $135 million to accumulate more BTC, despite the assets price currently trading below $90,000.
The company is choosing to raise capital by issuing preferred shares instead of common stock, which appears to be aimed mainly at protecting the stock price from further decline. Metaplanets share price has already plummeted nearly 60% in the past six months, now standing at 387 yen (approximately $2.46), according to Google Finance.
To mitigate further volatility, the company will issue preferred shares with a 4.9% dividend yield instead of common shares, as announced in a statement published on Thursday.
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