The “0% Ordinary Bonds” will be issued at a discount and mature on November 7, according to Metaplanet’s board decision. In conjunction, the company will grant 14th Stock Acquisition Rights to EVO Fund, an investment firm based in the Cayman Islands.

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If fully raised, the $21.25 million could purchase approximately 206 BTC at current prices, according to CoinGecko.

Metaplanet Now Holds 5,555 BTC

The company now holds 5,555 Bitcoin, acquired for a total of $481.5 million at an average price of $86,672. This places Metaplanet as Asia’s largest public corporate Bitcoin holder, and 11th globally, according to BitcoinTreasuries.NET.

Metaplanet first revealed its Bitcoin-focused strategy in April 2024, and has since issued multiple bond offerings to fuel further accumulation.

U.S. Expansion and $250M Fundraising Target

On May 1, Metaplanet also announced it would open a wholly owned U.S. subsidiary — Metaplanet Treasury, based in Florida — aiming to raise $250 million to expand its Bitcoin acquisition strategy and tap into U.S. capital markets.

The company’s stock (3350T) has surged 1,600% over the past year, now trading at 511 JPY (~$3.50), reflecting investor confidence in its Bitcoin-centric approach.

Other firms like Strive Asset Management and GameStop are also exploring Bitcoin reserves, echoing the early moves made by Michael Saylor’s MicroStrategy.

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The post Metaplanet to Raise $21M Through Bonds to Buy More Bitcoin appeared first on Coin Engineer.

Is Another GameStop Short Squeeze Coming?

GameStop‘s short sale volume is approaching 2021 short squeeze levels.

Kevin Malone, CEO of Malone Wealth, noted on X (Twitter):

“GameStop traded 50x more shares today than last Thursday. That’s statistically impossible without naked short-selling.”

In January 2021, GameStop stocks skyrocketed due to a short squeeze, causing massive losses for hedge funds while some retail traders made huge profits. The highest short volume during that time was 33.26 million shares on January 19, 2021.

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GameStop’s Bitcoin Purchase Feels Like “Dot-Com Hype”

GameStop has not disclosed how much Bitcoin it plans to purchase. However, on March 26, after market close, it announced a $1.3 billion convertible notes offering.

Tastylive CEO Tom Sosnoff told Yahoo Finance:

“It feels a little like the dot-com hype—just adding ‘.com’ to your name or buying Bitcoin with excess cash.”

Meanwhile, eToro U.S. investment analyst Bret Kenwell stated that investors are not confident in GameStop’s core business model.

Keith Gill’s Comeback Holds the Record for Largest Short Sale Volume!

The biggest short-selling day in GameStop history was June 3, 2024, with 46.20 million shares sold. This surge came after Keith Gill (Roaring Kitty) revealed on June 2 that he had invested $180 million in GameStop stocks. Some analysts believe GameStop’s stock drop was caused by its convertible notes offering.

Han Akamatsu compared it to MicroStrategy in 2021:

“In 2021, MicroStrategy issued $1.05 billion in 0% convertible notes, and the stock initially dipped due to hedging shorts. But when Bitcoin surged, it exploded. GameStop is following the same blueprint.”

If GameStop or Bitcoin prices rise significantly, another short squeeze could be on the horizon!

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The post GameStop Stocks Plummet! Short Volume Surges %234 appeared first on Coin Engineer.

GameStop Plans Bitcoin Investment Using Corporate Cash Reserves

GameStop, the video game retailer, has announced that its board has unanimously approved the use of the company’s corporate cash reserves to purchase Bitcoin (BTC). This move is seen as a significant step in reshaping the company’s financial strategy, reflecting a similar approach to that of large corporations like MicroStrategy that have adopted corporate Bitcoin investment models.

In February, CNBC reported that GameStop had been working on plans to add Bitcoin and other cryptocurrency assets to its balance sheet. The company’s latest announcement confirms these plans, revealing that not only current cash reserves, but also future borrowings and stock issuances, could be used to invest in Bitcoin and US dollar-backed stablecoins.

As of February 1st, GameStop’s balance sheet held approximately $4.8 billion in cash. The company also stated that it has not set an upper limit for the amount of Bitcoin it may purchase, indicating that it intends to adopt a flexible investment strategy based on market conditions.

GameStop’s move into the cryptocurrency space is viewed as part of the transformation process under CEO Ryan Cohen. Cohen has prioritized cost-cutting, operational restructuring, and the development of new revenue models to ensure the company’s long-term sustainability. Bitcoin investment is considered one of the most notable elements of this strategy.

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The post GameStop Updates Treasury Reserve Assets by Adding Bitcoin! appeared first on Coin Engineer.