Metaplanet — a Japanese company focused on accumulating Bitcoin — announced it will launch a United States-based subsidiary. In a May 1 X post , Metaplanet announced that the firm is launching a wholly owned subsidiary in Florida. Furthermore, the new subsidiary is expected to raise up to $250 million of capital to fuel its Bitcoin ( BTC ) accumulation strategy and tap US institutional investors. In a separate announcement , Metaplanet cites Miami as the city that will host the new subsidiary’s headquarters. The firm points to Florida as a particularly favorable environment: “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.” The company explained that it decided to go to Florida due to its pro-Bitcoin environment, which purportedly led to Bitcoin corporate adoption and financial liberalization. The new subsidiary is also expected to expand the company’s operations into a new timezone. Related: Eric Trump joins Metaplanet’s strategic board of advisers Florida: a crypto stronghold Metaplanet’s commentary follows Florida's progress in becoming one of the most Bitcoin-friendly US states. In April, Florida’s House Insurance and Banking Committee approved a bill that would allow the State Treasury to invest in Bitcoin — the bill was proposed in early February . The cryptocurrency industry has a strong foothold in Florida and is also intertwined with its political landscape. Two Republicans who received a combined $1.5 million from the crypto-backed political action committee (PAC) Fairshake will enter the US House after winning special elections in Florida. Mid-February analysis also showed that the Florida Retirement System's State Board of Administration fund held 160,470 Strategy shares worth $46 million at the time. Strategy — previously known as MicroStrategy — is Metaplanet’s bigger brother: a company entirely focused on accumulating Bitcoin and its top corporate holder. That report followed Florida chief financial officer Jimmy Patronis suggesting that the agency that manages the state’s retirement funds to consider investing in Bitcoin. He shared his ideas with the Florida State Board of Administration’s executive director, Chris Spencer, in a letter sent in late October 2024 . Related: Metaplanet repays 2B yen bonds early, CEO comments on BTC ‘down days’ Metaplanet continues to grow According to Metplanet’s website , the firm currently holds exactly 5,000 Bitcoin worth $474.7 million at the time of writing. While this is a far cry from Strategy’s holdings, which exceed 2% of all Bitcoin that will ever be mined, it is a 184% increase from the firm’s holdings of 1,762 BTC on the first day of 2025. Metaplanet's Bitcoin holdings chart. Source: BitcoinTreasuries.NET At the beginning of April, Metaplanet announced its acquisition of 696 BTC for 10.2 billion yen ($67 million). Later that same month, the firm acquired 330 Bitcoin for $28.2 million at an average price of $85,605 per BTC, bringing its total holdings to 4,855. Then, toward the end of the month, the firm bought an additional 145 BTC for 1.9 billion Japanese yen (around $13.4 million), boosting its total holdings to 5,000 BTC . Magazine: Rise of MicroStrategy clones, Asia dominates crypto adoption: Asia Express 2024 review
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