Metaplanet Inc. adds 57.273 bitcoin worth $3.4 million to its holdings, completing its $6.8 million purchase plan amid economic pressures in Japan.
Bollywood Fever: Japanese investment firm Metaplanet Inc. announced today that it has purchased an additional 57.273 bitcoin, valued at approximately 500 million yen ($3.4 million), as part of its ongoing strategy to accumulate the world’s largest cryptocurrency. The Tokyo-listed company disclosed that this purchase is part of a broader plan announced on August 8, following the securing of a 1 billion yen ($6.8 million) loan to buy more bitcoin.
With this latest acquisition, Metaplanet has now completed its planned purchase of 1 billion yen worth of bitcoin, bringing its total holdings to 360.368 bitcoin, according to the company’s statement.
In May, Metaplanet adopted bitcoin as its strategic treasury reserve asset, citing sustained economic pressures in Japan, including high government debt levels, prolonged periods of negative real interest rates, and a weakening yen, as the driving factors behind this decision.
Following the announcement, Metaplanet’s stock saw a significant boost, trading 10.7% higher on Tuesday morning at 1,192 yen, with a peak of around 1,293 yen, according to Google Finance. The stock is still actively trading in the morning session, while the Nikkei 225 index has risen by 1.7% so far today.
Metaplanet’s aggressive bitcoin accumulation strategy is notable, but it still trails behind MicroStrategy, led by Michael Saylor, which remains the largest corporate bitcoin holder with 226,500 BTC, according to BitcoinTreasuries data. Marathon Digital follows with 25,000 BTC.
As Metaplanet continues to build its bitcoin reserves, the firm’s moves reflect a growing trend among companies seeking to hedge against economic instability by investing in cryptocurrencies.
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