Metaplanet might be underwater, but it’s doubling down on Bitcoin — plus a new survey shows 6 in 10 Singaporeans hold crypto. Asia Express. Japans largest corporate Bitcoin holder, Metaplanet, plans to raise approximately $135 million to accumulate more BTC, despite the assets price currently trading below $90,000. The company is choosing to raise capital by issuing preferred shares instead of common stock, which appears to be aimed mainly at protecting the stock price from further decline. Metaplanets share price has already plummeted nearly 60% in the past six months, now standing at 387 yen (approximately $2.46), according to Google Finance. To mitigate further volatility, the company will issue preferred shares with a 4.9% dividend yield instead of common shares, as announced in a statement published on Thursday. Read more
Metaplanet might be underwater, but it’s doubling down on Bitcoin — plus a new survey shows 6 in 10 Singaporeans hold crypto. Asia Express. Japans largest corporate Bitcoin holder, Metaplanet, plans to raise around $135 million to accumulate more BTC, even as the assets price continues to trade below $90,000. The company is choosing to raise capital through issuing preferred shares instead of common stock, which seems to be largely to protect the stock price from tanking any further. Metaplanets share price has already plummeted nearly 60% in the past six months, now standing at 387 JPY (approximately $2.46 USD), according to Google Finance. To avoid further volatility, the company will issue preferred shares with a 4.9% dividend instead of common shares, as per a statement published on Thursday. Read more
Crypto’s recent slump could be the result of a market maker liquidity crisis triggered by the crypto crash in October, speculates BitMine’s Tom Lee. The recent downward pressure on the cryptocurrency market could be the result of deep holes in the balance sheets of market makers, according to Tom Lee, chairman of Ether treasury company BitMine. Speaking with CNBC on Thursday, Lee suggested that the Oct. 10 market crash, which saw a record $20 billion liquidated from the market, ultimately caught some market makers off-guard, causing severe liquidity issues. With less capital to operate, combined with reduced capital from traders as their primary source of revenue, it’s a tough time for market makers, Lee said. As a result, this has also led them to shrink their “balance sheet further” in a bid to free up more capital. Read more
Kalshi has joined predictions market rival Polymarket in the $10 billion-plus valuation club after reportedly raising another $1 billion from Sequoia Capital and CapitalG. Predictions market platform Kalshi has reportedly raised an additional $1 billion from at least two venture capital firms, increasing its valuation to $11 billion. Kalshi’s latest funding round was led by Sequoia Capital and CapitalG, according to a report on Thursday from TechCrunch that cited a person familiar with the matter. Andreessen Horowitz (a16z), Paradigm, Anthos Capital and Neo were among the other Kalshi investors that sat out on the latest $1 billion funding round. Read more