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The BTC purchase is part of Gumi’s broader expansion into the blockchain sector, which includes acquiring and managing “high-quality tokens.”
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Japanese mobile gaming company Gumi has added Bitcoin to its balance sheet, tipping plans to earn additional revenue on its holdings through the Babylong staking protocol.
According to a translated version of the Feb. 10 announcement, Gumi’s board of directors greenlighted the purchase of 1 billion yen ($6.6 million) worth of Bitcoin (BTC).
The company cited the need to “further strengthen” its position in the Web3 and blockchain industry as a primary motivation for the acquisition.
“[W]e are steadily expanding our portfolio in the node management business,” the translated statement said, adding that Gumi intends to become “the first domestic listed company to become a validator for Babylon.”
Babylon is a Bitcoin staking protocol, with $3.5 billion worth of BTC staked so far, the company announced in December.
The Bitcoin purchase isn’t Gumi’s first foray into blockchain technology. According to the company’s website, it is using blockchain technology to “create a variety of new content and services.”
According to its roadmap, Gumi plans to “acquire and manage high-quality tokens across the globe,” including investing in other companies.
The company invests in early-stage blockchain projects through Gumi Cryptos Capital, a venture capital firm based in Silicon Valley. The company was an early investor in OpenSea and 1inch, among others.
Related: Buy Bitcoin, stock price goes up 80%: Rumble follows ‘MicroStrategy’ strategy
More public companies are acquiring Bitcoin
Gumi is one of several publicly traded companies to add Bitcoin to its balance sheet. Fellow Japanese firm Metaplanet adopted a Bitcoin strategy last May and recently made its largest-ever BTC acquisition at nearly $60 million.
As of November, US tech company Semlar Scientific held 1,273 BTC on its balance sheet. Publicly listed KULR Technology, Matador Technologies and Quantum BioPharma all hold BTC.
Meanwhile, Michael Saylor’s rebranded Strategy purchased another 7,633 BTC last week at an average price of $97,255.
Strategy, formerly MicroStrategy, has ramped up its BTC purchases since the fourth quarter of 2024. Source: SaylorTracker.com
Outside of Strategy, the largest corporate BTC holders are miners. As Cointelegraph reported, Bitcoin miners have taken a page out of Saylor’s playbook by holding more of their mined BTC on their balance sheets.
In the fourth quarter, mining company CleanSpark added more than 1,000 BTC to its treasury, ending the quarter with 10,556 BTC on its books.
Magazine: AI may already more power than Bitcoin — and it threatens Bitcoin mining
This article first appeared at Cointelegraph.com News
