Japan’s Metaplanet Expands Bitcoin Holdings with $3.4 Million Purchase
Metaplanet's move to increase its bitcoin holdings aligns with its strategic decision made in May to adopt bitcoin as a key asset in its treasury reserves.
Japanese investment firm Metaplanet Inc. has announced the acquisition of an additional 57.273 Bitcoin, valued at approximately 500 million yen ($3.4 million). This latest purchase brings the company’s total Bitcoin holdings to 360.368 BTC.
The Tokyo-listed firm revealed that this transaction is part of its broader strategy to accumulate bitcoin, following the announcement on August 8 regarding the use of a 1-billion-yen ($6.8 million) loan to further its bitcoin investments. Metaplanet stated, “With this purchase, we have completed the purchase of 1-billion-yen worth of bitcoin.”
Metaplanet's move to increase its bitcoin holdings aligns with its strategic decision made in May to adopt bitcoin as a key asset in its treasury reserves. This strategy is a response to ongoing economic challenges in Japan, including high government debt levels, negative real interest rates, and a weak yen.
The company’s stock has seen a notable increase following the announcement, trading 10.7% higher on Tuesday morning at 1,192 yen, with a peak of around 1,293 yen. The Nikkei 225 index has also risen by 1.7% this morning.
