Metaplanet Bolsters Bitcoin Holdings with Additional $3.3M BTC Purchase

Japanese venture capital firm Metaplanet has announced it has purchased an additional 57.1 Bitcoin worth 500 million yen ($3.3 million). This move comes after the firm unveiled a $6.8 million loan for BTC purchase last week.

Metaplanet Continues to Boost Its Bitcoin Holdings

According to a statement, the firm has completed the purchase of 57.103 BTC, bought at an average price of 8,756,107 yen ($59,215) per Bitcoin. The aggregated amount purchased is 500 million yen or around $3.3 million.

Metaplanet’s latest Bitcoin acquisition has bolstered the company’s Bitcoin reserve to 303.095 BTC, which was acquired for 2.95 billion yen, approximately $20 million.

With this purchase, Metaplanet has partially fulfilled its plan to purchase 1 billion yen worth of Bitcoin through loan funding from its shareholder, MMXX Ventures Limited. The loan carries an annual interest rate of 0.1% and has a six-month term.

Currently, the Tokyo-listed firm still has around 500 million yen to buy Bitcoin, though it is unclear when the company will make the remaining BTC purchases.

Moreover, in a post on X, Simon Gerovich, the company’s CEO, said “Always be stacking” hinting that the firm could make more BTC purchases in the future. 

Metaplanet Long-term Goal

In May, the company revealed its decision to adopt Bitcoin as a key treasury reserve asset in a similar move to MicroStrategy, renowned for its substantial Bitcoin holdings. 

“The move is a direct response to sustained economic pressures in Japan, notably high government debt levels, prolonged periods of negative real interest rates, and the consequently weak yen,” the firm said at the time.

Since then, the company has consistently added to its Bitcoin portfolio, earning the nickname “Asia’s MicroStrategy.” Gerovich anticipates that this strategy will help the firm’s stock surpass its competitors on the Tokyo Stock Exchange within the next four years. 

He stated that the company’s long-term ambition is to become Asia’s leading Bitcoin firm and acquire as much BTC as possible. 

Overall, Metaplanet’s strategic shift towards Bitcoin reflects a growing trend among institutional investors seeking alternative assets to hedge against traditional financial risks.