Asian investment firms are ramping up their Bitcoin accumulation strategies, with Japanese Metaplanet and Hong Kong's HK Asia Holdings leading the way.
Metaplanet, based in Tokyo, revealed on April 24 that it had acquired an additional 145 Bitcoin (BTC) for 1.9 billion Japanese yen (about USD 13.4 million), bringing its total holdings to 5,000 BTC.
Simon Gerovich, CEO of Metaplanet, confirmed that the company had reached 50% of its initial goal of accumulating 10,000 BTC by the end of 2025.
The company has been aggressive in its Bitcoin treasury operations, using bond issuances and Bitcoin income strategies like cash-secured BTC put option sales to finance its acquisitions.
Since it began its Bitcoin strategy, Metaplanet's shares have appreciated more than 3,000%. The company aims to own 21,000 BTC by the end of 2026.
HK Asia Holdings has also announced plans to raise about HKD 65 million (USD 8.35 million) through the issuance of new shares and convertible bonds to potentially buy more BTC.
According to a presentation on April 23, the company subscribed to stock subscription agreements and convertible notes (CN) after trading hours.
The agreement includes the issuance of 3,272,000 new shares at a subscription price of HKD 4.01 per share, along with convertible notes valued at HKD 52.38 million in aggregate principal amount. The newly issued shares will represent approximately 0.82% of the total outstanding shares of HK Asia Holdings.
Although the presentation does not mention that HK Asia Holdings intends to use the funds to buy Bitcoin, many in the cryptocurrency community speculated that the capital increase is expected to finance more Bitcoin acquisitions.