Japanese Firm Metaplanet Adds $1.2 Million in Bitcoin to Treasury

Metaplanet, a Japanese investment firm, has purchased an additional 20.195 BTC for $1.2 million, bringing its total holdings to 161.2677 BTC valued at over $10.1 million.

Key Insights

  • Metaplanet has purchased an additional 20.195 BTC for $1.2 million, bringing its total holdings to 161.2677 BTC valued at over $10.1 million.
  • The company’s Bitcoin strategy, similar to MicroStrategy’s approach, is a response to Japan’s economic challenges.
  • Metaplanet’s stock has gained over 233% since it began buying Bitcoin,

TOKYO (MarketsXplora) – Japanese investment firm Metaplanet has further increased its bitcoin holdings, purchasing an additional 20.195 BTC for 200 million yen ($1.2 million), the company announced late Monday after the Tokyo Stock Exchange closed.

This latest acquisition brings Metaplanet’s total bitcoin holdings to 161.2677 BTC, valued at over $10.1 million at current market prices. The firm reported that its cumulative bitcoin investments now stand at 1.65 billion yen ($10.2 million), with an average purchase price of $63,427 per bitcoin.

The move follows a June 24 announcement by Metaplanet’s board of directors, approving the purchase of bitcoin worth 1 billion yen ($6.3 million) using funds to be raised through an upcoming bond issuance. Monday’s transaction marks the first acquisition under this new initiative.

Metaplanet has been steadily building its bitcoin position, with previous purchases recorded on April 23, May 10, and June 11, according to data from Bitcointreasuries.net. The company’s strategy closely mirrors that of U.S. business intelligence firm MicroStrategy, which has become known for its substantial bitcoin investments.

“This strategic decision is a direct response to Japan’s persistent economic challenges, including high government debt levels, extended periods of negative real interest rates, and the resultant weakness in the yen,” a Metaplanet spokesperson stated, referencing a company announcement from May.

Mirroring MicroStrategy’s Approach

MicroStrategy, which pioneered the use of bitcoin as a primary treasury reserve asset in 2020, currently holds 226,331 BTC, valued at approximately $14.1 billion. This represents more than 1% of bitcoin’s total supply cap of 21 million coins. The U.S. firm recently added to its holdings with an acquisition of 11,931 BTC for $786 million.

Metaplanet’s bitcoin strategy appears to be paying dividends for shareholders. The company’s stock, traded on the Tokyo Stock Exchange, closed up 1% on Monday and has surged more than 233% since initiating its bitcoin purchasing program, according to TradingView data.

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