Metaplanet Acquires $6.9M in Bitcoin, Total Holdings Reach 506 BTC

The Japanese investment firm Metaplanet Inc. has revealed its acquisition of an extra 107.913 BTC, valued at around a billion yen ($6.9 million).

This latest transaction brings the firm’s total Bitcoin holdings to 506.745 BTC, amounting to approximately $32.2 million based on prevailing market rates.

Metaplanet Shares Climb 2%

The Tokyo-listed company announced that the recent purchase was executed at an average price of 9.26 million yen, equating to $64,168 per BTC. Consequently, Metaplanet’s total investment in Bitcoin now reaches 4.75 billion yen ($31.9 million), with an average acquisition cost of 9.37 million yen ($64,931) per BTC.

In reaction to this news, Google Finance indicates that the company’s stock price increased by 2.12%, trading at 1,012 yen on the Tokyo Stock Exchange.

Metaplanet initiated its Bitcoin acquisition strategy in May, opting to integrate the cryptocurrency as a fundamental component of its treasury reserve. The firm has progressively built its holdings through several substantial purchases, including 38.46 BTC in September, 42.4 BTC in July, 19.87 BTC in May, and 97.85 BTC in April.

The company also secured a $6.8 million loan earlier this year to enhance its buying strategy, which was used to increase its cryptocurrency holdings.

This aggressive investment approach stems from the ongoing economic uncertainties following the COVID-19 pandemic. Metaplanet has steadily raised its Bitcoin exposure in light of concerns regarding inflation and currency devaluation, perceiving the digital asset as a viable hedge against such risks.

Collaborations and Future Endeavors

Metaplanet’s investment strategy has drawn parallels with that of U.S.-based MicroStrategy, led by Michael Saylor. MicroStrategy currently holds the largest quantity of Bitcoin among publicly traded firms, with 252,220 BTC, as per data from BitcoinTreasuries. Marathon Digital follows in second place with 26,200 BTC.

In September, the Japanese investment firm declared a partnership with SBI Holdings’ crypto segment to bolster its Bitcoin trading, storage, and management capabilities. It also unveiled plans to exercise its 11th series of stock acquisition rights, which will raise 299.7 million yen for additional cryptocurrency purchases.

Furthermore, it is reportedly investigating the tokenization of its shares on the Bitcoin layer-2 network, Liquid. Currently, the company’s shares are traded on the Tokyo Stock Exchange, which limits access for U.S. investors.