MetaplanetThe publicly listed Japanese company, which started out as a hotel operator, announced it has purchased an additional 400 million yen ($2.5 million) in Bitcoin, continuing the company’s strategy to adopt Bitcoin as a treasury reserve asset.
Latest Update: 🇯🇵 Japanese public company Metaplanet acquires another 400 million yen worth of shares #Bitcoin pic.twitter.com/mT4cPKEcSP
— Bitcoin Magazine (@BitcoinMagazine) July 8, 2024
Despite the Bitcoin market downturn, Metaplanet announced on July 8 that it had acquired an additional 42,466 Bitcoin, bringing the company’s total holdings to approximately 203, purchased for 2.05 billion yen ($12.7 million). The average price per coin is 10 million yen ($62,000).
Metaplanet is imitating MicroStrategya Bitcoin accumulation strategy for the US software company. Since 2020, MicroStrategy has accumulated over 200,000 Bitcoins, now worth $15 billion, making it the largest corporate holder.
The company’s stock price often reflects bitcoin’s fluctuations and investors use it as a proxy for their exposure to the cryptocurrency.
of Japanese The company said buying bitcoin would help it minimize the impact of a weak yen amid a prolonged period of low interest rates. The approach would allow domestic investors to access bitcoin through publicly listed companies that qualify for preferential tax treatment.
The yen has fallen sharply in 2022, hitting multi-decade lows against the dollar and euro. The Bank of Japan has maintained an accommodative monetary policy, in contrast to a tightening of global monetary policy.
So far, the amounts remain small, but the continued purchases amid market turmoil demonstrate the company’s commitment. As an “Asian microstrategy,” Metaplanet is poised to ride the upcoming wave of Bitcoin adoption.
Disclaimer: Bitcoin Magazine is owned by BTC Inc. UTXO Managementa regulatory capital allocator focused on the digital asset industry. UTXO invests in various Bitcoin ventures and holds significant amounts of digital assets.
