Tokyo-based funding firm Metaplanet (3350) has introduced two main strategic initiatives aimed toward deepening Bitcoin integration.
The announcement got here when the corporate recorded robust outcomes for the second quarter. Income rose to 1.239 billion yen ($8.4 million) for the 41% quarter, whereas internet revenue elevated to 11.1 billion yen ($75.1 million) from a lack of 5 billion final yr.
Dylan Leclair, head of Metaplanet's Bitcoin Technique, has introduced the launch of Metaplanet Prefs.
As Japan's largest publicly traded Bitcoin holder, Metaplanet plans to set new requirements for the nationwide bond market by introducing BTC-backed credit score merchandise by way of these most well-liked shares.
In response to Metaplanet, most well-liked shares permit for the issuance of BTC-backed tools over maturities, together with broad credit score profiles. The aim is to adapt to home bond demand and place Bitcoin as a dependable type of collateral within the Japanese capital market.
The second initiative entails constructing a Bitcoin-backed yield curve within the Japanese bond market. This creates a framework for pricing for BTC-secured credit score merchandise, providing a brand new method for institutional buyers to get uncovered to Bitcoin whereas producing predictable yields.
As of mid-August, Metaplanet owns 18,113 BTC price roughly $1.85 billion, making it the sixth largest company Bitcoin holder on the earth. Metaplanet shares have fallen by about 50% from their all-time excessive, however are 10% above their current lows.
Learn extra: Metaplanet boosts Bitcoin reserve with $61 million buy
