Metaplanet Tops Bitcoin Holdings With Additional $6.9M Purchase

Metaplanet has once again shown its commitment to increasing its Bitcoin stash. In a recent disclosure, the Japanese firm revealed the purchase of an additional 107.913 BTC worth about 1 billion yen ($6.9 million) at an average price of 9.26 million yen ($64,168) per coin. 

The move demonstrates Metaplanet’s growing confidence in Bitcoin as a store of value and long-term investment, aligning with the broader trend of institutional players accumulating large amounts of crypto assets.

Bullish On Bitcoin 

The latest purchase brings the firm’s total Bitcoins holdings to 506.745 BTC, valued at about $32.2 million at the current price.

Metaplanet acquired all its Bitcoin for 4.75 billion yen at an average price of 9.37 million yen ($64,931) per coin, according to the firm.

The company has consistently increased its exposure to Bitcoin in several large acquisitions since May when it decided to adopt the leading cryptocurrency as a key part of its treasury. 

The move is in response to concerns about the growing economic pressures in Japan, viewing the digital asset as a potential hedge against such risks. It also secured a $6.8 million loan earlier this year to support its buying strategy, which was used to boost its cryptocurrency reserves.

In September, the Japanese investment firm announced a partnership with SBI Holdings’ crypto division to improve its Bitcoin trading, storage, and management infrastructure. 

It also revealed plans to exercise its 11th series of stock acquisition rights, raising 299.7 million yen to purchase more of the cryptocurrency.

Metaplanet Stock Soars 492%

Following the recent BTC purchase, Metaplanet’s stock price rose by 2.12%, trading at 1,012 yen on the Tokyo Stock Exchange.

Additionally, data shows that the company’s stock has seen a spike of about 492.94% year-to-date and a 3-month gain of 12% after it decided to invest in a Bitcoin strategy.

Metaplanet, popularly deemed as ‘Asia’s MicroStrategy’ amongst the crypto community, owing to its Bitcoin reserve strategy, is positioning itself as a leading force in Japan’s growing crypto market, showing its belief in the future of digital currencies, particularly Bitcoin.