Tokyo-listed Metaplanet reported an increase in its Bitcoin holdings by acquiring an additional 57.273 BTC worth ¥500 million ($3.4 million) on Aug. 20, according to a statement.
This purchase brings Metaplanet’s total Bitcoin holdings to 360.368 BTC, valued at ¥3.45 billion ($23 million).
The investment firm confirmed that this latest acquisition completes its plan announced on Aug. 8 to secure ¥1 billion worth of Bitcoin using a loan from MMXX Ventures Limited.
Despite this substantial purchase, Metaplanet intends to raise an additional $70 million for further acquisitions, with $58.76 million earmarked for more Bitcoin purchases.
Metaplanet Bitcoin Strategy
In recent months, Metaplanet has aggressively accumulated Bitcoin as part of its strategy to incorporate the digital asset as a key treasury reserve asset. The company attributes this move to economic challenges in Japan, including a weakened yen.
Metaplanet has also mentioned potential business ventures within the Bitcoin ecosystem, stating that it could generate additional income from its Bitcoin holdings by selling covered calls on the digital asset.
As stated on their website:
“Metaplanet offers specialized consulting services to assist businesses in adopting Bitcoin. The company provides strategic guidance to maximize potential within existing corporate frameworks and oversees comprehensive corporate reorganizations.”
This approach aligns with the strategy of MicroStrategy, the largest Bitcoin holder globally, owning over 220,000 BTC, valued at more than $13 billion.
Metaplanet’s shift to Bitcoin seems to be paying off, with a 643% year-to-date increase in their stock price, according to Google Finance. As of now, the stock has risen over 10% to ¥1,193 ($8.11).
Mentioned in this article
Editor
Liam ‘Akiba’ Wright
Also known as “Akiba,” Liam is a reporter, editor, and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
