Bitcoin whale Metaplanet ‘underwater’ but eyeing more BTC: Asia Express

Metaplanet to raise around $135M to stack more Bitcoin

Japan’s largest corporate Bitcoin holder, Metaplanet, plans to raise around $135 million to accumulate more BTC, even as the asset’s 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. Metaplanet’s 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.

Issuing common stock at this level would have potentially caused the stock to slide even further. The decision comes as its share price has recently slipped below its mNAV (multiple Net Asset Value), but that hasn’t fazed the company at all:

“Bitcoin is rapidly gaining strategic significance as a new store of value asset,” Metaplanet said. The mNAV is 1.01 at the time of publication.

The company is the fourth-largest Bitcoin treasury in the world, holding approximately 30,823 Bitcoin, according to data from BitcoinTreasuries.NET.

The fundraising plan comes as Bitcoin has entered a major correction, trading at around $87,000 just six weeks after reaching a new all-time high of $125,100, according to CoinMarketCap.

Metaplanet’s aggressive approach to buying Bitcoin is not without its critics. Crypto analyst Ted said in a recent X post that with the company “already underwater” securing Bitcoin-backed loans to buy more Bitcoin is a “bad idea.”

Meanwhile, Strategy, the largest Bitcoin public holder, has also seen its mNAV fall below 1, according to SaylorTracker.

Almost two-thirds of Singaporean retail investors now hold crypto: Survey

Crypto is winning over Singaporeans according to the latest survey from Coinbase and MoneyHero.

Nearly two-thirds of active retail investors in the country now hold some form of cryptocurrency, the survey results suggest. “61% of respondents reported holding crypto during the survey period, indicating that crypto participation has moved beyond niche but is becoming part of retail finance in Singapore,” the survey said.

However, not everyone is going full degen just yet. Most investors are sticking to modest allocations, with the average self-reported portfolio allocation sitting between 6% and 12%.

On the other hand, confidence in the asset class’s longevity appears strong, with 58% of respondents describing themselves as long-term holders. 

When it comes to learning about crypto, Singaporeans trust… Instagram?

Social media emerged as the primary entry point for crypto education, with 62% of respondents reporting that they learn about digital assets on social media platforms.

Singapore has long been recognized as a crypto-friendly hub. A May survey by crypto exchange Independent Reserve found that 94% of Singaporeans were aware of at least one type of cryptocurrency, and 29% currently own or have previously owned crypto.

South Korea’s stablecoin debate heats up as regulators eye non-bank issuers

South Korea’s top financial regulator is reportedly exploring whether tech giants should be allowed to issue won-denominated stablecoins. 

Although the idea of the Financial Services Commission (FSC) greenlighting the concept is still in the early stages of discussion, it is already causing tension across the nation’s financial sector, a local media report said on Tuesday.

“Some are concerned that the entry of highly technologically advanced big tech and fintech companies into the stablecoin market could weaken banks’ competitiveness,” the report said.

Others in the banking industry say it is too early to start pulling their hair out over it. “Non-bank participation is still only at the discussion stage, so it’s hard to determine how it will affect market competition. We will prepare technical and regulatory responses once the framework becomes more concrete,” an unnamed commercial bank offical said.