Earlier in August, the firm secured a 1 billion yen ($6.8 million) loan at an annual interest rate of 0.1%. It quickly used these funds to purchase an additional 115 BTC by August 20.
Tokyo-based investment firm Metaplanet Inc has added another 38.464 BTC, worth 300 million yen (approximately $2 million), to its Bitcoin holdings. This move solidifies the company’s growing commitment to the world’s leading cryptocurrency as it navigates Japan’s weakening yen.
The latest purchase pushes Metaplanet’s total Bitcoin holdings to 398.832 BTC, valued at about $26 million. This suggests the company has acquired its entire Bitcoin portfolio at an average price of $65,432 per BTC.
The latest acquisition comes at a time when Bitcoin BTC $85 402 24h volatility: 1.0% Market cap: $1.70 T Vol. 24h: $10.31 B prices have been volatile, with the cryptocurrency dipping below $53,000 on September 7. However, BTC has since rebounded, currently trading around $56,800, a 3.5% increase over the past 24 hours. Metaplanet’s purchase during this price slump signals the company’s strategy to acquire the asset at a discounted price.
Metaplanet’s Bitcoin Acquisitions
Since April, Metaplanet has been actively increasing its Bitcoin reserves. The decision comes amid mounting worries about Japan’s economy, which comprises declining yen, increasing government debt, and protracted negative real interest rates. For Metaplanet, Bitcoin has emerged as a valuable hedge against these financial pressures, becoming a cornerstone for managing its treasury.
Notably, earlier in August, the firm secured a 1 billion yen ($6.8 million) loan at an annual interest rate of 0.1%. It quickly used these funds to purchase an additional 115 BTC by August 20.
Interestingly, Metaplanet recently announced plans to exercise the 11th series of stock acquisition rights, generating 299.7 million yen. The company stated that the proceeds from this transaction would be directed toward additional Bitcoin purchases, signaling its intent to continue growing its BTC holdings.
In July, the company partnered with Bitcoin verification solution provider Hoseki to allow its users to verify the company’s Bitcoin holdings at every point in time.
Metaplanet’s approach offers Japanese investors a way to gain exposure to Bitcoin without directly holding the asset. By investing in a publicly traded company with major Bitcoin reserves, investors can benefit from the cryptocurrency’s potential upside without handling the complexities of direct ownership.
The company’s stock reacted positively to the latest acquisition, trading 4.4% higher on Tuesday at around 1,086 yen. Earlier in the day, the stock hit a high of 2,000 yen. Metaplanet is also working on potentially leveraging Bitcoin as collateral for future financing endeavors through SBI VC Trade, the cryptocurrency arm of Japanese financial giant SBI Group.
While Metaplanet’s Bitcoin accumulation continues, US-based business intelligence company MicroStrategy remains the largest corporate Bitcoin holder globally, with 226,500 BTC.
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