Key points
- Metaplanet purchased ¥500 million worth of Bitcoin, totaling approximately 303 BTC.
- The company uses Bitcoin to minimize exposure to a weakening yen.
Share this article
Metaplanet, a Japanese public company recently known for its constant Bitcoin accumulations, has acquired an additional ¥500 million worth of Bitcoin (BTC), said Simon Gerovich, the company’s CEO in a recent post on X.
Always stack #Bitcoin @Metaplanet_JP image.twitter.com/c34goVoLa8
– Simon Gerovich (@gerovich) August 13, 2024
The latest acquisition brings Metaplanet’s total Bitcoin holdings to around 303 BTC, valued at nearly $18 million. The move came after the firm announced last week that it had obtained a loan of ¥1 billion Dedicated entirely to the purchase of Bitcoin.
Metaplanet also revealed plans to raise around $70 million through a stock rights offering, allocating approximately $58 million for future Bitcoin investments.
Despite the recent Bitcoin market crash, Metaplanet’s continued investment reflects its commitment to using the flagship cryptocurrency as a treasury reserve asset. The company aims to offer domestic investors exposure to Bitcoin while also benefiting from favorable tax treatment.
Metaplanet’s Bitcoin strategy is inspired by that of MicroStrategy, a major American software company known for its significant investments in Bitcoin. Metaplanet views Bitcoin as a long-term strategic investment and a hedge against the depreciation of the yen and Japan’s high government debt.
Share this article
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.