Japanese Corporation Metaplanet Expands Bitcoin Holdings by $3.4 Million
Japanese business Metaplanet has recently completed a substantial investment in Bitcoin, securing ¥500 million ($3.4 million) worth of the digital currency. This recent move elevates their total corporate Bitcoin assets to ¥3.45 billion.
In a statement released on August 20th, Metaplanet revealed the purchase of 57.273 BTC at an average cost of ¥8,730,117 (roughly $59,600) per Bitcoin. With this latest transaction, the company now possesses 360.368 BTC, amounting to $21.9 million based on present market prices.
Metaplanet’s decision to acquire additional Bitcoin wraps up its strategy of utilizing a loan obtained earlier in the month to accumulate ¥1 billion worth of the cryptocurrency for its corporate reserves. This purchase follows the announcement of a stock rights offering to raise ¥10.08 billion, demonstrating the company’s dedication to expanding its Bitcoin holdings.
As a result of this development, Metaplanet witnessed a 10.87% surge in its stock price, reaching ¥1,193 ($8.15).
Referred to as the “Japanese MicroStrategy,” Metaplanet initially declared its shift to Bitcoin as its primary treasury reserve asset in April 2024. Dylan LeClair, the company’s Director of Bitcoin Strategy, stressed the strategic significance of this decision, highlighting its benefits for their shareholders. He also detailed their exploration of various avenues for acquiring more Bitcoin, including opportunities within the capital markets that align with their goals.
Metaplanet’s approach to accumulating Bitcoin is similar to U.S. software company MicroStrategy, known for amassing over $13 billion worth of the digital asset. Michael Saylor, MicroStrategy’s CEO, actively promotes Bitcoin’s long-term potential, foreseeing a market cap of $280 trillion by 2045, which would notably boost the value of the company’s current Bitcoin holdings.
In summary, Metaplanet’s recent Bitcoin acquisition underscores its dedication to utilizing digital assets for corporate advancement and investment strategies, aligning its trajectory with other notable firms in the sector.
