Metaplanet, a publicly listed Japanese investment firm, is making waves in the cryptocurrency world with its recent purchase of an additional ¥500 million ($3.4 million) worth of bitcoin. This move brings the company’s total Bitcoin holdings to 303, acquired for a total of ¥2.95 billion ($20 million).
The firm has been on a Bitcoin buying spree, with plans announced on August 6th to raise ¥10.08 billion through a stock rights offering to expand its Bitcoin reserves. Just two days later, on August 8th, Metaplanet secured a ¥1 billion loan to further bolster its Bitcoin holdings.
Metaplanet’s aggressive Bitcoin accumulation strategy is aimed at strengthening its balance sheet and hedging against yen depreciation. The company believes that Bitcoin has the potential to appreciate significantly in value, making it a valuable asset for their portfolio.
The latest purchase of ¥500 million worth of bitcoin was for 57.1 BTC at an average price of ¥8.8 million per bitcoin. This brings their average acquisition cost to ¥9.7 million per Bitcoin for their total holdings.
Taking a cue from companies like MicroStrategy, Metaplanet is using a combination of debt and equity to grow its Bitcoin stash. Despite recent fluctuations in the market, Metaplanet’s stock has seen significant gains since announcing its Bitcoin pivot in April.
Metaplanet is positioning itself as a publicly traded proxy for Bitcoin exposure in Japan, joining other companies like Marathon Digital Holdings and Semler Scientific in leveraging cheap lending rates to accumulate scarce Bitcoin.
It’s clear that Metaplanet is making a bold move in the cryptocurrency space, and investors will be watching closely to see how their Bitcoin holdings perform in the coming months.
