Key Takeaways
- Metaplanet has increased its bitcoin holdings to 398.8 BTC.
- The company spent $2 million on its latest bitcoin acquisition.
- Metaplanet has adopted bitcoin as a treasury reserve asset since May.
Japanese investment firm Metaplanet Inc. has bought an additional 38.4 bitcoin, valued at approximately 300 million yen ($2 million), boosting its total bitcoin holdings to 398.8 BTC. This increases its overall bitcoin portfolio to 3.75 billion yen ($26 million).
The Tokyo-listed company’s stock surged 4.42% following the announcement, trading at 1,086 yen. Bitcoin also saw a 3.12% rise over the past 24 hours, reaching $56,732 after dropping to a low of $52,700 earlier this week.
Metaplanet has been steadily acquiring bitcoin since May when it adopted the cryptocurrency as a strategic treasury reserve asset to hedge against Japan’s high debt levels, negative real interest rates, and the yen’s ongoing weakness. The company also plans to exercise stock acquisition rights worth 299.7 million yen to further fund its bitcoin purchases.
Last week, Metaplanet partnered with SBI VC Trade to enhance its bitcoin custody solutions, providing corporate tax efficiencies and the option to use bitcoin as collateral for financing. The company follows global leaders like MicroStrategy, which holds 226,500 BTC, and Marathon Digital, with 25,000 BTC.
