Key takeaways
- Metaplanet purchased 500 million yen worth of Bitcoin, or a total of around 303 BTC.
- The company is using Bitcoin to minimize its exposure to the weakening yen.
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Metaplanet, a Japanese public company recently known for its steady Bitcoin accumulations, has acquired an additional 500 million yen worth of Bitcoin (BTC), the company’s CEO Simon Gerovich said in a recent article on X.
Always be stacking #Bitcoin @Metaplanet_JP pic.twitter.com/c34goVoLa8
– Simon Gerovitch (@gerovitch) August 13, 2024
This latest acquisition brings Metaplanet’s total Bitcoin holdings to around 303 BTC, worth nearly $18 million. The move comes after the company announced last week that it had secured a 1 billion yen loan dedicated entirely to purchasing Bitcoin.
Metaplanet also revealed plans to raise approximately $70 million through a stock rights offering, allocating approximately $58 million to other Bitcoin investments.
Despite the recent downturn in the Bitcoin market, Metaplanet’s continued investment reflects its commitment to using the flagship cryptocurrency as a treasury reserve asset. The company aims to provide domestic investors with exposure to Bitcoin while benefiting from favorable tax treatment.
Metaplanet’s Bitcoin strategy is inspired by that of MicroStrategy, a major American software company known for its substantial investments in Bitcoin. Metaplanet views Bitcoin as a long-term strategic investment and a hedge against the depreciation of the yen and Japan’s high government debt.
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