Japans Metaplanet Adds Another ¥500 Million Worth Of Bitcoin To Its Treasury
Japanese investment adviser Metaplanet said it bought an additional 57 Bitcoin (BTC), valued at ¥500 million. The latest acquisition comes days after the Tokyo-based firm secured a 1 billion yen loan to boost Bitcoin holdings in its treasury.
Metaplanet On Bitcoin Acquisition Spree
Metaplanet, the publicly traded company known as Asias MicroStrategy, has purchased 57.103 BTC worth 500 million Yen ($3.3 million). The company acquired the BTC at an average price of 8,756,107 yen per coin.
Metaplanets latest acquisition is part of a move to bolster its crypto, bringing the companys total Bitcoin stack to 303.095 BTC, worth 2.95 billion Yen, according to a public disclosure statement on Tuesday.
Metaplanet first announced its foray into Bitcoin in April, adopting the asset as a treasury reserve asset and buying its first BTC stash for $6.5 million.
By acquiring and holding Bitcoin as a reserve asset, the company aims to position itself as the leading publicly listed Bitcoin holding company in Japan, Dylan LeClair, the companys Director of Bitcoin Strategy, postulated at the time.
Japans MicroStrategy
Metaplanet recently secured a 1 billion Japanese yen ($6.8M) loan from its shareholder, British Virgin Islands-based MMXX Ventures, at an interest rate of 0.1% per year. After Tuesdays purchase, Metaplanet still has 500 million Yen to scoop up more BTC.
Metaplanets Bitcoin pivot comes at a time when Japan continues to grapple with a growing debt mountain and the fast-depreciating yen. With its expanded holdings, Metaplanet has fortified its position as the 20th largest corporate holder of BTC globally, according to CoinGecko data.
As ZyCrypto previously reported, the firm intends to emulate the playbook of MicroStrategy the worlds top corporate Bitcoin holder, which has been acquiring BTC for over four years. As of Aug. 13, 2024, MicroStrategy had 226,500 BTC worth $13.3 billion in reserves. The Michael Saylor-founded software firm is now sitting on unrealized profits of over $5 billion.
Text source: ZyCrypto
