Japanese Investment firm Metaplanet buys additional 107 Bitcoins
Japanese Metaplanet announced today that it has bought an additional 107.913 Bitcoin (BTC) worth approximately a billion yen ($6.9 million).
According to the Tokyo-listed company, it recently bought Bitcoin for an average of 9.26 million yen ($64,168). This takes its total Bitcoin holdings to 506.745 BTC, or roughly $32.2 million at the current market value.
*Metaplanet purchases additional 107.91 $BTC* pic.twitter.com/pPrRBGrJsC
— Metaplanet Inc. (@Metaplanet_JP) October 1, 2024
In a disclosure from the company, Metaplanet stated that it purchased all of its Bitcoin for 4.75 billion yen, or an average price of 9.37 million yen ($64,931) per Bitcoin.
Metaplanet Stock Soars 1.72%
The company's stock price increased by 1.72% after this announcement, according to Google Finance data, and it was trading at 1,008.00 yen on the Tokyo Stock Exchange.
Interestingly, Metaplanet has had a remarkable run with its stock since deciding to use Bitcoin as its main reserve. Since imitating MicroStrategy's playbook in May, the stock has increased by over 445% and by 430% year over year.
Metaplanet Bitcoin buying spree
After announcing in May that it had begun to adopt bitcoin as its strategic treasury reserve asset, Metaplanet has been buying bitcoins in recent months. The firm has made a number of significant acquisitions to expand its holdings: 97.85 BTC in April, 19.87 BTC in May, 42.4 BTC in July, and 38.46 BTC in September.
Earlier this year, it also obtained a $6.8 million loan to support its purchasing strategy, which increased its reserves of cryptocurrencies.
By making acquisitions, Metaplanet is demonstrating its belief in the future of digital currencies, especially Bitcoin, and establishing itself as a dominant player in Japan's emerging crypto market.
Japanese firms buying cryptocurrency
A new trend in Bitcoin acquisitions by Japanese firms has been observed in the meantime. Remixpoint, a different Japanese firm, purchased 64.4 BTC ($4.2 million) on September 30. Remixpoint also purchased 2,260.5 SOL, 12,269.9 AVAX, and 130.1 ETH for a total of $10.25 million, according to a previous report.
Notably, the depreciation of the yen coin coincided with this trend among Japanese firms. Since the beginning of the year, the yen has underperformed, so these companies have resorted to Bitcoin, which is well-known for acting as a hedge against inflation and currency depreciation.
With 252,220 BTC under its ownership, MicroStrategy, led by Michael Saylor, is still the biggest corporate bitcoin holder, while Metaplanet is the largest holder among Asian publicly traded companies, second only to Hong Kong-based Meitu.
As of the reporting time, Bitcoin is trading at $62,702.72 after decreasing by 1.42% over the last 24 hours, according to data from CoinMarketCap.
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