In a calculated decision made after the closing bell at the Tokyo Stock Exchange on Monday, Japanese investment company Metaplanet revealed that it has acquired an additional 20.195 bitcoins for 1.65 billion yen ($10.2 million). This transaction brings Metaplanet’s total bitcoin holdings to 161.2677 BTC, which is valued at over $10.1 million according to current market valuations.
The decision to enhance its bitcoin reserves follows a prior commitment made on June 24, when the company’s board approved a plan to invest 1 billion yen ($6.3 million) in bitcoin, with funding planned through an upcoming bond issuance. This latest acquisition is the first move in that strategy, building on the firm’s earlier investment of 250 million yen in bitcoin in June.
Emulating the trend initiated by US business intelligence firm MicroStrategy, which began accumulating bitcoin as a major treasury asset in 2020, Metaplanet has consistently increased its holdings over the course of the year. Data from Bitcointreasuries.net indicates that Metaplanet had made earlier bitcoin purchases on April 23, May 10, and June 11, following MicroStrategy’s model.
“This decision is a direct reaction to ongoing economic challenges in Japan, particularly high levels of government debt, extended periods of negative real interest rates, and the resultant weak yen,” Metaplanet commented in May.
The stock of Metaplanet, traded on the Tokyo Stock Exchange, saw a 1% increase on Monday following the announcement, indicating investor confidence in the company’s strategic vision. Since the start of its bitcoin purchasing endeavors, Metaplanet’s stock has risen by over 233%, according to TradingView.
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