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Key Takeaways
- Metaplanet just purchased ¥1 billion in Bitcoin.
- The firm continues to view Bitcoin as a strategic asset despite market downturns.
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Tokyo-listed investment firm Metaplanet announced Tuesday it acquired an additional 107.913 Bitcoin, valued at ¥1 billion (approximately $7 million).
*Metaplanet purchases additional 107.91 $BTC* pic.twitter.com/pPrRBGrJsC
— Metaplanet Inc. (@Metaplanet_JP) October 1, 2024
The latest purchase raises the firm’s total Bitcoin holdings to around 506 BTC, equivalent to around $32 million at Bitcoin’s current prices, Metaplanet stated. The acquisition follows the firm’s ¥300 million Bitcoin purchase last month.
Inspired by MicroStrategy’s Bitcoin playbook, Metaplanet has been actively buying Bitcoin, aiming to use the flagship crypto as a strategic treasury reserve asset in response to Japan’s economic challenges.
Since revealing its Bitcoin strategy, the firm has not passed a month without bagging more coins, regardless of a recent downturn in the Bitcoin market. The company believes its strategy will give domestic investors exposure and help them leverage favorable tax treatment.
Earlier in September, Metaplanet formed a partnership with SBI Group’s crypto investment arm to enhance its Bitcoin trading and custody services. The two entities focus on compliant corporate custody, tax efficiency, and using Bitcoin as collateral.
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This article first appeared at Crypto Briefing
