MetaplanetPublicly listed Japanese investment companies, Purchased an additional 500 million yen The company acquired $3.4 million worth of Bitcoin, bringing its total Bitcoin holdings to 303, for a total purchase price of 2.95 billion yen ($20 million).
Latest Update: 🇯🇵 Metaplanet acquires another $5 million worth of #Bitcoin pic.twitter.com/dfGWwqNBXw
— Bitcoin Magazine (@BitcoinMagazine) August 13, 2024
August 6Metaplanet has announced plans to raise 10.08 billion yen through a warrant issue to expand its Bitcoin reserves. August 8 He secured a 1 billion yen loan to buy more Bitcoin.
The company has been aggressively pursuing a bitcoin accumulation strategy this year to bolster its balance sheet, as Metaplanet believes Bitcoin will appreciate significantly and provide a hedge against the weakening yen.
The latest $5 million Bitcoin purchase was for 57.1 BTC, with an average price of $8.8 million per Bitcoin. Metaplanet’s total of 303 Bitcoins were purchased at an average price of $9.7 million per Bitcoin.
The company: MicroStrategy Metaplanet has adopted a strategy of aggressively using debt and equity to grow its Bitcoin reserves. Metaplanet’s stock price has risen significantly since announcing its conversion to Bitcoin in April, despite recently declining from its yearly high. The company has positioned itself as a public proxy for Bitcoin exposure in Japan.
Other companies, like MicroStrategy, Marathon Digital Holdingsand Semler Scientific They are also raising capital in the bond market to buy more Bitcoin and ride its adoption curve. These savvy public companies are taking advantage of the low lending rates in the fiat currency system to accumulate scarce Bitcoin.
Disclaimer: Bitcoin Magazine is wholly owned by BTC Inc., which also owns UTXO Managementis a regulatory capital allocator focused on the digital asset industry and has invested in Metaplanet. UTXO invests in various Bitcoin ventures and holds significant amounts of digital assets.
