The new entity will raise up to $250 million in capital with the sole purpose of accumulating bitcoin.
Metaplanet Launches U.S. Operations With New Subsidiary
Metaplanet, the Japanese bitcoin treasury firm that pivoted away from hotel development last year, has entered the U.S. market and set up a new wholly-owned subsidiary in Miami, Florida, according to a noticedistributed by the company on Thursday.
The subsidiary, named Metaplanet Treasury Corp. will take advantage of its new location to access institutional capital, increase the execution speed of transactions, and take advantage of Florida’s bitcoin-friendly business environment. The state is considered one of the country’s most crypto-bullish jurisdictions along with Wyoming and Texas.
Bitcoin analyst Dylan LeClair, who was hired by Metaplanet last year to help implement its bitcoin treasury strategy, is listed as one of two directors at the subsidiary, together with parent company CEO Simon Gerovich. The notice states that “bitcoin accumulation and related treasury operations” will be the entity’s primary business purpose.
“The reason for choosing Florida is clear: the state is rapidly emerging as a global hub for Bitcoin innovation,” Gerovich wrote in a post on X. “This new subsidiary will strengthen our around-the-clock operational capabilities across time zones, further strengthen our strategic position in the U.S. market, and mark an important step in Metaplanet’s evolution as a global Bitcoin treasury company,” he added.
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