Metaplanet, a Tokyo-listed hotel group with $2.3 billion in Bitcoin, is expanding to the U.S. by establishing a subsidiary in Miami, Florida, with $15 million in capital. The company’s stock price fell 4% to $4.06 but has increased 74% year-to-date despite a 68% drop in the past three months.

Founded in 1999, Metaplanet reported an operating profit of $5.5 million in the second quarter, driven by a segment that generated $7.7 million by selling Bitcoin put options. President Simon Gerovich highlighted this segment as the engine of growth, providing consistent revenue and net income.

Gerovich announced the closure of a $1.45 billion offering of 385 million shares, attracting over 70 investors, including major mutual fund complexes, sovereign wealth funds, and hedge funds. Metaplanet’s new subsidiary in the U.S. will focus on income-generation activities separate from hospitality operations.

Read more at Yahoo Finance: Metaplanet Stock Slides as Top Japanese Bitcoin Treasury Sets Up Shop in Miami