Metaplaneta publicly traded Japanese investment firm, purchased an additional ¥500 million ($3.4 million) worth of bitcoins. This brings the total number of bitcoins held by the company to 303, acquired for 2.95 billion yen ($20 million).
BREAKING: 🇯🇵 Metaplanet buys another ¥500 million in shares #Bitcoin image.twitter.com/dfGWwqNBXw
— Bitcoin Magazine (@BitcoinMagazine) August 13, 2024
On August 6thMetaplanet announced plans to raise ¥10.08 billion through a stock rights offering to expand its Bitcoin reserves. August 8th with a ¥1 billion loan secured to purchase more Bitcoin.
The company has aggressively pursued a Bitcoin accumulation strategy this year to strengthen its balance sheet. Metaplanet believes that Bitcoin can appreciate significantly and protect against a depreciating yen.
The last purchase of ¥500 million worth of bitcoins was 57.1 BTC at an average price of ¥8.8 million per bitcoin. Metaplanet’s 303 bitcoins were purchased for ¥9.7 million per bitcoin on average.
The company is taking an example from from MicroStrategy Metaplanet’s strategy is to aggressively use debt and equity to increase its Bitcoin holdings. Metaplanet’s stock has risen significantly since it first announced its pivot to Bitcoin in April, despite recently falling from year-ago highs. The company is positioning itself as a publicly traded proxy for Bitcoin exposure in Japan.
Other companies such as MicroStrategy, Marathon Digital Sharesand Semler Scientist They are also raising money in debt markets to buy more bitcoins and take advantage of their adoption curve. These clever public companies are using the fiat system’s low interest rates to accumulate scarce bitcoins.
Disclaimer: Bitcoin Magazine is wholly owned by BTC Inc., which also operates UTXO Managementa regulated capital allocator focused on the digital asset industry and invested in Metaplanet. UTXO invests in a variety of Bitcoin businesses and holds significant stakes in digital assets.
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