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Japanese public firm Metaplanet, often dubbed ‘Asia’s MicroStrategy,’ has acquired a new batch of Bitcoins (BTC) on Tuesday.
The organization has secured an extra 21.88 Bitcoins, valued at ¥200 million ($1.4 million) — averaging ¥9.14 million ($57,600) per coin.
*Metaplanet purchases additional 21.88 $BTC* pic.twitter.com/zCXzKFudog
— Metaplanet Inc. (@Metaplanet_JP) July 16, 2024
This latest purchase increases its total Bitcoin reserves to 225.611, which is equivalent to $14.57 million at the time of reporting. The leading cryptocurrency is trading at $64,599.2 early Tuesday.
The recent acquisitions follow Metaplanet’s earlier purchase of 42.466 Bitcoins on July 8, which was valued at ¥400 million ($2.5 million) at that time.
Since April, Metaplanet has consistently been acquiring Bitcoins, designating BTC as its strategic treasury reserve asset. The rationale behind the company’s decision to incorporate Bitcoin into its treasury is to mitigate risks associated with the declining Japanese yen.
Specifically, the yen has been adversely affected by low-interest rates in Japan. Consequently, Metaplanet views cryptocurrencies as a safeguard against inflation, aiming to be more robust in the face of economic challenges.
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“Metaplanet has significantly revised its treasury strategies to navigate Japan’s difficult economic environment, while simultaneously establishing a local benchmark for corporate innovation in asset management,” the company stated in May.
Additionally, Metaplanet has emerged as a leading performer in Japanese stocks, soaring 158% in May after incorporating Bitcoin into its investment strategy.
Metaplanet Mimics MicroStrategy
The ‘Asia MicroStrategy’s’ Bitcoin accumulation strategy has paralleled that of MicroStrategy, the largest corporate Bitcoin holder.
On May 13, Metaplanet announced its plans to utilize various capital market instruments. The company aimed to enhance its BTC reserves, reflecting MicroStrategy’s methodology.
Metaplanet is currently traded on the Tokyo Stock Exchange, which restricts access for U.S. investors. However, Arnab Naskar, a co-founder of the security token platform STOKR, indicated that there are plans to tokenize Metaplanet shares on the Bitcoin layer-2 network Liquid.
Several corporate Bitcoin holders, including MicroStrategy, have begun to see benefits. Michael Saylor’s firm now boasts a total valuation surpassing $14 billion, based on data compiled by Saylortracker.
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