Metaplanet is expanding by creating a fully owned subsidiary in Florida to boost its Bitcoin operations in the quickly developing Bitcoin hub.
CEO Simon Gerovich announced this news on X, revealing plans to invest up to $250 million to enhance its Bitcoin treasury initiatives.
“Metaplanet has decided to create a wholly-owned subsidiary, ‘Metaplanet Treasury Corp.,’ in Florida, USA, as part of our global growth strategy,” he stated.
“With a planned capital of up to 250 million USD, this initiative will accelerate our Bitcoin treasury strategy and play a key role in increasing liquidity access for institutional investors in one of the world’s leading capital markets.”
The Japanese investment firm is already halfway toward its goal of accumulating 10,000 BTC by the end of this year. The new subsidiary will support this aim with round-the-clock operations across various time zones, he noted.
Metaplanet Chooses Bitcoin-Friendly Florida
Gerovich expressed that the company is eager to set up its US office in Florida, describing it as a “rapidly emerging” global center for crypto innovation.
“The rationale for selecting Florida is evident,” Gerovich said. “The state is evolving quickly into a global hub where Bitcoin innovations and corporate acceptance are surging.”
Additionally, he pointed out that this new base will help Metaplanet solidify its strategic presence in the US market.
Florida’s Bitcoin Investment Initiative: Implications for the State
Florida has long established itself as a center for crypto and blockchain innovation, drawing in startups and investors alike.
Recently, the House Insurance and Banking Committee in Florida unanimously approved a Bitcoin reserve bill. This legislation still needs to go through three committees before reaching the Florida House.
According to data from Bitcoin Laws, which tracks crypto legislation progress in the US, Florida ranks sixth in the race to become the first US state to create a strategic Bitcoin reserve.
If the bill passes, it will have several economic effects, including diversifying state assets and attracting more crypto businesses.
Moreover, Jimmy Patronis, the Chief Financial Officer of the state, has indicated that Florida already holds about $800 million in crypto-related investments. He has also proposed including Bitcoin in state pension funds, referring to it as “digital gold.”
The article “Metaplanet to Establish US Subsidiary in Florida, Aims to Raise $250M” originally appeared on Cryptonews.
