Metaplanet launches US subsidiary to raise $250M for Bitcoin strategy

Metaplanet, a Japanese company focused on Bitcoin (CRYPTO:BTC) accumulation, has announced the launch of a subsidiary in Florida.

The new US-based arm aims to raise up to $250 million to support its Bitcoin strategy and engage with institutional investors in the United States.

Metaplanet shared the news in a May 1 post, revealing that the subsidiary will be headquartered in Miami.

The company highlighted Florida’s favorable environment for Bitcoin-focused businesses, noting its business-friendly policies and emerging status as a global center for capital and technology.

"Florida, a rapidly emerging hub for Bitcoin-focused companies and financial innovation, recognized for its business-friendly policies and rising status as a global center of capital and technology," Metaplanet stated in its announcement.

The choice of Florida aligns with the state’s growing reputation as a Bitcoin-friendly location.

In April, the Florida House Insurance and Banking Committee approved a bill allowing the State Treasury to invest in Bitcoin, further signaling the state’s commitment to the digital currency sector.

In addition, the state has seen growing political support for the crypto industry, with elected officials receiving substantial contributions from crypto-backed political action committees.

Metaplanet’s expansion into the US is seen as a strategic move to capitalize on these developments.

The company’s Bitcoin holdings currently total 5,000 BTC, valued at $474.7 million.

According to Metaplanet’s recent activities, the firm has made notable Bitcoin acquisitions, including purchasing 696 BTC for $67 million in early April and an additional 330 BTC for $28.2 million later that month.

At the time of writing, the Bitcoin (BTC) price was $97,022.49.