Outside Source
Japanese investment firm Metaplanet keeps allocating Bitcoin, this time buying $2 million worth of crypto.
Tokyo-listed investment firm Metaplanet has continued its aggressive Bitcoin (BTC) accumulation strategy, purchasing ¥300 million ($2 million) worth of Bitcoin, according to a Sept. 10 filing. The company acquired more than 38.4 BTC, bringing its total Bitcoin holdings to over 398.8 BTC, valued at approximately $22.7 million at current market prices.
Metaplanet, which adopted Bitcoin as a reserve asset earlier this year, has ramped up its crypto investments amid Japan’s economic struggles and the depreciation of the yen. The Bank of Japan recently raised its benchmark interest rate to 0.25% in an effort to strengthen the yen, after years of negative or near-zero rates. The move has spurred Metaplanet’s decision to further diversify its reserves into Bitcoin, a strategy often compared to U.S.-based MicroStrategy’s Bitcoin investments.
Just a week ago, Metaplanet announced a partnership with SBI VC Trade, a subsidiary of Japan’s financial giant SBI Group, to access corporate custody services and financing options using Bitcoin as collateral. This collaboration aims to enhance compliance and tax efficiency for the firm’s growing crypto portfolio.
Earlier this year, Metaplanet disclosed plans to raise $70 million through stock rights offerings, with 80% of those funds earmarked for further Bitcoin purchases. The company’s pivot toward Bitcoin has paid off for its shareholders, as Metaplanet’s stock has surged more than 545% year-to-date, benefiting from the growing appeal of Bitcoin as an alternative asset amid Japan’s ongoing financial uncertainty.
This article first appeared at crypto.news
