Japanese investment company Metaplanet has significantly expanded its Bitcoin holdings, increasing its total to nearly 400 Bitcoin . This recent acquisition has also positively influenced its stock performance, witnessing a 5.9% rise on the Tokyo Stock Exchange.
On September 10, Metaplanet announced the purchase of 38.46 Bitcoin for approximately $2.1 million, which brings its total holdings to 398.8 Bitcoin , valued at around $23 million. This acquisition marks the company’s tenth purchase of Bitcoin since it initiated its investment strategy back on April 23, based on data from Bitcoin Treasuries. Despite this growth, Metaplanet is currently facing a 13.3% decline in its overall Bitcoin investment due to the cryptocurrency trading at $57,520, which has recently seen a 1.5% increase in value over a 24-hour period.
Impressively, Metaplanet’s share price has surged by 480% since the introduction of its Bitcoin investment strategy earlier this year. The company now ranks 27th globally in terms of Bitcoin holdings and stands out with the third-largest reserve in Asia. In a strategic move to enhance its Bitcoin reserves, the firm announced in May its intention to explore a variety of capital market instruments, likening its approach to that of the well-known firm MicroStrategy.
The firm took significant steps toward this goal when it secured a $6.8 million loan on August 8, specifically earmarked for purchasing additional Bitcoin . The CEO of Metaplanet has expressed that this strategy serves as a safeguard against Japan’s escalating debt issues and the ongoing depreciation of the yen. The recognition of Bitcoin as a pivotal monetary asset has led the company to set a long-term objective of acquiring as much Bitcoin as possible, adjusting its financial strategies accordingly.
