Key Takeaways
- Metaplanet purchased an additional ¥500 million worth of Bitcoin.
- The firm’s total Bitcoin holdings now amount to 303 BTC.
- Metaplanet has raised ¥10.08 billion to expand its Bitcoin reserves.
Metaplanet, a publicly listed Japanese investment firm, has acquired an additional ¥500 million ($3.4 million) worth of Bitcoin.
This latest purchase increases the company’s total Bitcoin holdings to 303 BTC, acquired at a cumulative cost of ¥2.95 billion ($20 million).
Latest purchase details
The purchase, made at an average price of ¥8.8 million per Bitcoin, adds 57.1 BTC to Metaplanet’s portfolio. The company’s average acquisition cost per Bitcoin now stands at ¥9.7 million.
On August 6th, Metaplanet revealed plans to raise ¥10.08 billion through a stock rights offering to expand its Bitcoin reserves. This move was quickly followed by a ¥1 billion loan on August 8th, secured specifically for additional Bitcoin purchases.
Adding to holdings
Metaplanet has been aggressively increasing its Bitcoin holdings this year, viewing it as a hedge against yen depreciation and a potential appreciating asset.
The firm’s approach echoes that of MicroStrategy, leveraging both debt and equity to grow its Bitcoin reserves.
Stock surge
Since Metaplanet first announced its Bitcoin pivot in April, its stock price has surged, though it has recently declined from year-high levels.
This strategy aligns Metaplanet with other companies like MicroStrategy and Marathon Digital Holdings, who are also leveraging debt markets to accumulate Bitcoin.
