Metaplanet Doubles Down on Bitcoin, Purchases $3.3M Worth of BTC

This acquisition involved 57.103 bitcoins, with an average purchase price of 8,756,107 yen per one.

Japanese investment firm Metaplanet Inc. (TYO: 9209) announced another substantial bitcoin purchase on Wednesday, to the tune of 57.103 BTC, valued at approximately $3.3 million (500 million yen). This acquisition contributes to the company's broader strategy of expanding its bitcoin holdings.

Following this latest purchase, Metaplanet now holds a total of 303.095 BTC, acquired for $20 million (2.95 billion yen).

Earlier in July, Metaplanet Inc. announced securing a $6.8 million loan to boost its bitcoin holdings, reflecting the company's strong confidence in the cryptocurrency's future value. It obtained a 1 billion yen loan at a 0.1% annual interest rate. Nearly the entire amount will be dedicated to acquiring additional bitcoin.

According to Metaplanet, its strategy involves holding BTC long-term, while any bitcoin used for operational purposes will be listed as a current asset on its balance sheet.

At the Bitcoin Conference in Nashville on July 25, executives from Metaplanet and Semler Scientific praised MicroStrategy's strategy.

During the event, Metaplanet CEO Simon Gerovich even shared that his company was on the verge of becoming a “zombie” firm before it made a strategic pivot to bitcoin. He highlighted that BTC was recognized as the “apex monetary asset” and would be a valuable addition to the company's treasury.

Inspired by business intelligence firm MicroStrategy's strategy, Metaplanet has been aggressively pursuing bitcoin accumulation this year to bolster its balance sheet. The company views Bitcoin as a hedge against yen depreciation and a significant growth opportunity.

On Tuesday, Metaplanet's stock ended the day with a 5.8% decline, closing at 1,121 yen. However, since announcing its bitcoin-focused strategy in April, Metaplanet's stock has risen notably, although it has recently dipped from its peak. Over the past week alone, the firm's stock was up by almost 70%.

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