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Introduction
Japanese Bitcoin treasury firm Metaplanet is establishing a strategic foothold in the United States with the launch of Metaplanet Income Corp. in Miami. The $15 million subsidiary represents a calculated expansion of the company’s Bitcoin income generation and derivatives operations, building upon its substantial treasury of 20,136 BTC valued at approximately $2.3 billion. This move follows a remarkably successful $1.4 billion international equity offering that significantly exceeded targets and attracted institutional heavyweights.
Key Points
- Established Miami subsidiary with $15M capital for Bitcoin derivatives and income operations
- Raised $1.4B from international equity offering, exceeding $880M target with sovereign wealth fund participation
- Generated ¥1.13B ($7.7M) from Bitcoin put options sales in Q2 2024
Strategic Expansion into US Bitcoin Markets
Metaplanet’s establishment of Metaplanet Income Corp. in Miami marks a significant strategic pivot toward scaling its Bitcoin-focused financial operations in the United States. The wholly-owned subsidiary, capitalized with an initial $15 million, will specifically manage and grow what the company describes as “income-generation activities” related to Bitcoin. This formalizes a business initiative that began in late 2024, which according to company statements, has already demonstrated consistently growing revenue and net income performance.
CEO Simon Gerovich emphasized the strategic importance of this expansion, stating that the income generation business has become the company’s “engine of growth.” The Miami subsidiary will enable Metaplanet to pursue derivatives operations and related revenue-generating activities more aggressively. Gerovich noted that the business is already cash flow positive, producing significant internal cash flow to support future initiatives, suggesting the Miami operation is building upon an already proven business model rather than starting from scratch.
Institutional Backing and Capital Formation Success
The US expansion follows Metaplanet’s extraordinarily successful international equity offering, which raised $1.4 billion—far exceeding the company’s $880 million target. This substantial capital infusion represents a strong institutional endorsement of Metaplanet’s Bitcoin strategy. According to Gerovich, the offering attracted participation from sovereign wealth funds, large mutual fund groups, and hedge funds, indicating growing institutional comfort with corporate Bitcoin treasury strategies.
The company stated that this overseas funding will accelerate Bitcoin acquisitions, support future capital policy, and position Metaplanet among the world’s largest corporate Bitcoin holders. With 20,136 BTC already in its treasury, the additional $1.4 billion in capital provides significant firepower for further Bitcoin accumulation and derivative operations through the new Miami subsidiary.
Financial Performance and Market Context
Metaplanet’s second-quarter financial results demonstrate the effectiveness of its income generation strategy. The company reported an operating profit of ¥817 million ($5.5 million) on total sales of ¥1.23 billion ($8.4 million), with the income-generation segment contributing ¥1.13 billion ($7.7 million) primarily through Bitcoin put options sales. This performance underscores the revenue potential that the Miami subsidiary is designed to scale.
Despite this strong operational performance, Metaplanet’s shares fell 4% to $4.06 on the announcement day and have declined nearly 70% over the past three months. However, the stock remains up 74% year-to-date, reflecting the volatile nature of Bitcoin-related equities. This divergence between operational success and stock performance highlights the complex relationship between cryptocurrency markets and traditional equity valuations, particularly for companies heavily exposed to Bitcoin price movements.
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