Metaplanet, a publicly traded Japanese company, has made a bold move by purchasing another ¥500 million ($3.7 million) worth of bitcoin. This latest acquisition comes hot on the heels of the firm securing a ¥1 billion loan last week specifically to acquire more Bitcoin.
The company bought a total of 57.273 bitcoins at an average price of ¥8.73 million per bitcoin, bringing their total Bitcoin holdings to 360.368 bitcoins acquired for ¥3.45 billion ($25.6 million). This aggressive expansion of their Bitcoin reserves is part of a larger strategy to utilize low-interest rate loans to stack sats, following in the footsteps of companies like MicroStrategy.
Metaplanet first announced plans to raise ¥10.08 billion through a public offering to fund Bitcoin purchases earlier this month. Just a week later, they secured a ¥1 billion loan to kickstart their buying spree, which has already seen them acquire over 100 Bitcoin.
The trend of public companies raising capital to invest in Bitcoin is gaining momentum, with Marathon Digital Holdings and Semler Scientific also recently selling debt and equity to purchase the digital asset. This shift towards treating Bitcoin as a treasury reserve asset reflects the growing mainstream adoption of cryptocurrency.
Metaplanet’s strategic moves in the Bitcoin market highlight the evolving landscape of corporate investment in digital assets. As more companies follow suit and allocate resources towards building up their Bitcoin reserves, the cryptocurrency market is poised for further growth and development.
