Japanese Investment Firm Metaplanet Buys Another ¥400 Million Worth of Bitcoin
- Metaplanet acquires 42.47 BTC valued at approximately 400 million Yen ($2.3 million), expanding its Bitcoin holdings amid market volatility.
- This marks Metaplanet's fifth Bitcoin purchase in four months, totaling over 203 BTC valued at 2 billion Yen ($11 million).
Metaplanet, a publicly-listed investment and consulting firm in Japan, has recently acquired an additional 42.47 BTC, valued at approximately 400 million Japanese Yen (around $2.3 million) despite a drop in BTC prices.
*Metaplanet purchases additional 42.47 $BTC* pic.twitter.com/dPotWszW1Y
— Metaplanet Inc. (@Metaplanet_JP) July 8, 2024
The fresh acquisition came following the company’s ¥200 million purchase last week. Additionally, this marks the fifth Bitcoin acquisition of Metaplanet in the past four months, bringing their total holdings to over 203 BTC, valued at approximately 2 billion Yen (over $11 million).
Often compared to MicroStrategy, even touted as ‘Asia’s MicroStrategy’, the company’s Bitcoin strategy is believed to be a part of a broader trend among global firms using cryptocurrency as an economic hedge.
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According to a report, purchasing Bitcoin helps Metaplanet reduce risk from the weakening yen due to low interest rates. This strategy also offers Japanese investors access to Bitcoin through a publicly traded company with tax advantages.
In June, Michael Saylor-led MicroStrategy purchased an additional 11,931 BTC for roughly $786 million. According to MicroStrategy, this investment was funded through proceeds from the Offering and Excess Cash, as defined in the company's quarterly Form 10-Q report for the period ending March 31, 2024.
Edited by Harshajit Sarmah
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