Metaplanet plans to use Bitcoin reserves to acquire cash-generating businesses, eyeing acquisition of digital bank.

Japanese firm Metaplanet plans to use its Bitcoin reserves to acquire cash-generating businesses, potentially a digital bank in Japan. CEO Simon Gerovich aims to accumulate as much Bitcoin as possible to leverage for expansion, holding 15,555 BTC and targeting over 210,000 by 2027, 1% of total Bitcoin supply.

Metaplanet plans to use Bitcoin as collateral for financing to buy profitable businesses. Gerovich envisions acquiring a digital bank in Japan to offer superior digital banking services. While crypto-backed lending is rare in traditional banking, some institutions like Standard Chartered and OKX are exploring it.

Metaplanet recently added 2,204 BTC to its reserves for $237 million, bringing total holdings to 15,555 BTC at an average purchase price of around $99,985 per coin. The company’s stock has surged over 345% this year, with a market cap exceeding $7 billion. Metaplanet mirrors Michael Saylor’s strategy, holding 597,000 BTC with a $112 billion market cap.

Read more at Cointelegraph.com

Bitcoin reaches new all-time high of $60,000 as institutional investors continue to show interest in the cryptocurrency. Market cap surpasses $1 trillion for the first time. Analysts predict further growth as more companies adopt Bitcoin as a form of payment.

Ethereum also sees surge in value, hitting $2,000 for the first time. The second largest cryptocurrency by market cap has gained over 150% in 2021. Investors are optimistic about the potential for Ethereum to continue its upward trajectory.

Dogecoin experiences sharp increase in value after Elon Musk tweets about the cryptocurrency. Prices surge over 50% as retail investors flock to buy Dogecoin. The meme-inspired cryptocurrency has gained popularity in recent months, driven by social media hype.: Metaplanet Eyes Digital Bank in Bitcoin Expansion Plan