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Metaplanet Boost Bitcoin Holdings to Nearly 400 BTC with Latest Acquisition

The firm currently holds a total of 398.832 bitcoins, valued at $26 million at current market price.

bitcoins in bag

Japanese venture capital firm Metaplanet continues to demonstrate its commitment to boosting its Bitcoin holdings. In a recent disclosure, the company revealed the acquisition of an additional 38.464 BTC worth about 300 million yen ($2 million).

Metaplanet Holds Nearly 400 BTC

According to the filing, the firm purchased a total of 38,464 at an average price of 7,799,501 yen per Bitcoin. The aggregated amount purchased is 300 million yen ($2 million).

The latest acquisition brings the Metaplanet’s total Bitcoin holdings to 398.832 bitcoin, valued at 3.75 billion yen or about $26 million at current market price.

Following the purchase, Metaplanet’s stock saw a 4.42% increase to 1,086 yen. Moreover, the company’s bitcoin strategy has paid off as its stock has surged more than 500% year-to-date, benefiting from the growing appeal of the leading cryptocurrency as an alternative asset amid Japan’s ongoing financial uncertainty.

Metaplanet Bitcoin Strategy

Metaplanet has been on a bitcoin buying spree in recent months after announcing in May that it had started to adopt bitcoin as its strategic treasury reserve asset. This approach was a response to Japan’s economic difficulties, such as high government debt, negative interest rates, and the declining value of the yen.

Metaplanet’s CEO Simon Gerovich had earlier shared that the company’s long-term ambition is to become Asia’s leading Bitcoin firm and acquire as much BTC as possible. He anticipates that this strategy will help the firm’s stock surpass its competitors on the Tokyo Stock Exchange within the next four years.

Earlier this week, the company announced that its management will exercise the 11th series of stock acquisition rights to raise 299.7 million yen for more Bitcoin investments.

This move follows the film’s partnership with SBI VC Trade, a subsidiary of the SBI Group, to access corporate custody services. The collaboration aims to enhance Metaplanet’s Bitcoin trading and custody services.

According to the company, the partnership focuses on providing access to compliant corporate custody services, improving tax efficiency, and exploring the use of Bitcoin as collateral for financing.

At press time, Bitcoin traded at $57,270 which represents a notable 3.63% increase in the last 24 hours.

 

Faith

Faith is a dedicated content writer who is focused on expanding her interest and knowledge about cryptocurrencies and blockchain technology. In her free time, she enjoys listening to music, reading, and traveling.