Metaplanet to Establish US Subsidiary in Florida, Aims to Raise $250M

Metaplanet is expanding with a wholly-owned subsidiary in Florida, to enhance its Bitcoin operations in the “rapidly emerging” Bitcoin hub.

The company’s CEO, Simon Gerovich, confirmed the move on X, announcing a planned capital of up to $250 million to accelerate its Bitcoin treasury strategy.

“Metaplanet has resolved to establish a wholly-owned subsidiary, ‘Metaplanet Treasury Corp.’,” in Florida, USA, as part of its global expansion strategy,” he wrote.

“With planned capital of up to 250 million USD, this move will accelerate its Bitcoin treasury strategy and serve as a crucial step in expanding access to liquidity for institutional investors in one of the world’s leading capital markets.”

The Japanese investment firm is already halfway through its 10,000 BTC accumulation goal by this year. The new subsidiary will ensure meeting its goal with 24-hour operations across time zones, he added.

Metaplanet Picks Bitcoin-Friendly Florida

Gerovich said that the firm is keen on establishing its US office in the state of Florida, calling it as a “rapidly emerging” global hub for crypto innovation.

“The reason for choosing Florida is clear,” said Gerovich. “The state is rapidly emerging as a global hub where Bitcoin innovation, corporate adoption, and financial liberalization are accelerating.”

Further, he also noted that the new establishment will help Metaplanet strengthen its strategic position in the US market.

Florida’s Bitcoin Investment Move: What it Means for State

The state of Florida has long positioned itself as a hub for crypto and blockchain innovation, attracting startups and investors.

Last month, the Sunshine State’s House Insurance and Banking Committee passed Bitcoin reserve bill with a unanimous vote. The legislation has three committees to clear before heading to Florida’s House.

According to Bitcoin Laws data, that tracks the progress of crypto legislation in the US, Florida stands sixth in the race to become the first US state to establish a strategic Bitcoin reserve.

Source: Bitcoin Laws

If passed, the bill would have multiple economic impacts, including diversification of state assets and attracting more crypto businesses.

Besides, Jimmy Patronis, the state’s Chief Financial Officer, has already indicated that the state holds approximately $800 million in crypto-related investments. He also proposed to include Bitcoin in state pension funds , calling it “digital gold.”