Outside Source
Metaplanet announced making yet another significant investment in bitcoin, purchasing approximately $3.3 million (500 million yen) worth of the cryptocurrency. This acquisition involved 57.103 bitcoins, with an average purchase price of 8,756,107 yen per one.
This move is part of the Japanese investment firm’s broader strategy to expand its bitcoin holdings. With the latest purchase, Metaplanet now possesses a total of 303.095 BTC acquired for $20 million (2.95 billion yen).
Earlier this month, 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.
Metaplanet stated that its strategy involves holding BTC long-term, though any bitcoin used for operational purposes will be listed as a current asset on its balance sheet.
On July 25, at the Bitcoin Conference in Nashville, executives from Metaplanet and Semler Scientific lauded MicroStrategy’s strategy.
Simon Gerovich, Metaplanet CEO even went on to reveal that his company was starting to exhibit “zombie” firm traits 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.
Metaplanet has aggressively pursued bitcoin accumulation this year to boost its balance sheet, inspired by business intelligence firm MicroStrategy’s strategy. 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, though it has recently dipped from its peak. Over the past week alone, the firm’s stock was up by almost 70%.
This article first appeared at CryptoPotato
