cryptobriefing.com
Key Takeaways
- Metaplanet just purchased ¥1 billion in Bitcoin.
- The firm continues to view Bitcoin as a strategic asset despite market downturns.
Tokyo-listed investment firm Metaplanet announced Tuesday it acquired an additional 107.913 Bitcoin, valued at ¥1 billion (approximately $7 million).
*Metaplanet purchases additional 107.91 $BTC* pic.twitter.com/pPrRBGrJsC
— Metaplanet Inc. (@Metaplanet_JP) October 1, 2024
The latest purchase raises the firm’s total Bitcoin holdings to around 506 BTC, equivalent to around $32 million at Bitcoin’s current prices, Metaplanet stated. The acquisition follows the firm’s ¥300 million Bitcoin purchase last month.
Inspired by MicroStrategy’s Bitcoin playbook, Metaplanet has been actively buying Bitcoin, aiming to use the flagship crypto as a strategic treasury reserve asset in response to Japan’s economic challenges.
Since revealing its Bitcoin strategy, the firm has not passed a month without bagging more coins, regardless of a recent downturn in the Bitcoin market. The company believes its strategy will give domestic investors exposure and help them leverage favorable tax treatment.
Earlier in September, Metaplanet formed a partnership with SBI Group’s crypto investment arm to enhance its Bitcoin trading and custody services. The two entities focus on compliant corporate custody, tax efficiency, and using Bitcoin as collateral.
MarketWatch data shows Metaplanet’s stock has gained around 495% year-to-date. The spike particularly followed the company’s announcement of its Bitcoin strategy.