Metaplanet Announces $11M BTC Acquisition After MicroStrategy Topped Up Holdings

Tokyo-listed investment firm Metaplanet has topped up its Bitcoin holdings with the latest acquisition of 124 BTC worth 1.75 billion yen ($11.3 million). According to a note to shareholders on November 19, the 124 BTC was bought at an average price of 14.099 million yen ($91,206).

This comes a day after US software company MicroStrategy announced the acquisition of an additional 51,780 BTC worth $4.6 billion—taking its Bitcoin stash to 331,200 BTC (currently worth $30.49 billion).

Asia’s MicroStrategy

Dubbed the “Asian MicroStrategy,” Metaplanet has continued to aggressively accumulate BTC since adopting the digital asset in April to hedge against Japan’s debt issues and the volatility of the yen.

The company adopted MicroStrategy’s method in financing its BTC purchases. A day earlier, CoinTab reported that the Japanese firm raised $11.3 million after issuing its third series of ordinary bonds to fund its next BTC acquisition. Fast-forward to today, and the firm has bought $11.3 million worth of BTC. Similarly, MicroStrategy funded some of its BTC acquisitions through the issuance of several debt securities, such as senior convertible notes.

With its latest purchase, Metaplanet now holds 1,142 BTC worth 11.372 billion yen ($73.56 million), making it the largest corporate holder of BTC in Japan. 

Bitcoin Holdings Soar

Metaplanet’s BTC investment has paid off so far. For instance, the company’s BTC yield surged by nearly 42% from July to September and by 187% from October to November. Since adopting the Bitcoin strategy, Metaplanet’s stock, 3350, has surged by nearly 1,000%.

Meanwhile, several major companies are also following in the footsteps of MicroStrategy and Metaplanet. Yesterday, CoinTab reported that public company Semler Scientific acquired 215 BTC for $17.7 million, taking its total holdings to 1,273 BTC ($114 million).

Healthcare Group Cosmos Health also announced plans to build a sizable reserve in Bitcoin to hedge against inflation and currency devaluation.

Bitcoin was trading at $91,728 at press time, representing a 1% surge on the day and a 3% increase over the past week.