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Japanese investment firm Metaplanet has continued its strategy of gradually accumulating Bitcoin. On Tuesday, the company announced the purchase of an additional 57.10 BTC, valued at 500 million yen (approximately $3.36 million).
The acquisition was made at an average price of 8,756,107 yen per BTC.
“As disclosed in our announcement dated August 8, 2024, regarding the loan and purchase of Bitcoins worth 1 billion yen, we hereby announce that we have purchased 500 million yen worth of Bitcoins,” the company stated.
*Metaplanet purchases additional 57.10 $BTC* pic.twitter.com/QRMPjh0lvD
— Metaplanet Inc. (@Metaplanet_JP) August 13, 2024
This latest purchase follows a previous announcement in which Metaplanet revealed plans to invest $58.76 million in Bitcoin. The firm had allocated 8.5 billion yen to Bitcoin to bolster its cryptocurrency treasury.
The company’s decision to allocate the majority of raised funds into Bitcoin is driven by the asset’s long-term appreciation potential. With this latest acquisition, Metaplanet’s total holdings now stand at 303 BTC, valued at 2.95 billion yen (approximately $17.8 million).
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Simon Gerovich, CEO of Metaplanet, emphasized the company’s commitment to the asset, stating that the firm would “always be stacking Bitcoin.”
Always be stacking #Bitcoin @Metaplanet_JP pic.twitter.com/c34goVoLa8
— Simon Gerovich (@gerovich) August 13, 2024
Metaplanet is also leveraging Japan’s low interest rates to finance additional BTC purchases through loans. This comes after the Japanese stock market experienced its sharpest single-day decline since 1987, following the Bank of Japan’s rate hike on short-term government bonds on July 31.
‘Asia’s MicroStrategy’ Mirrors MSTR’s BTC Accumulation Strategy
Metaplanet is often referred to as “Asia’s MicroStrategy” due to its adoption of a similar Bitcoin accumulation strategy pioneered by Michael J. Saylor’s MicroStrategy. Other entities, such as Bitcoin miner Marathon Digital, have also adopted similar approaches to add BTC to their balance sheets.
As of December 2023, MicroStrategy (MSTR) reported nearly $2 billion in profit on its Bitcoin holdings, having begun investing in the digital asset over four years prior.
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