Japanese investment giant Metaplanet has been gradually accumulating Bitcoins in the recent past. Adding to its Bitcoin purchase spree, the firm announced purchasing 57.10 BTC on Tuesday, worth 500 million yen ($3.36 million).
The company purchased it at an average price of 8,756,107 yen per BTC.
“As disclosed in our announcement dated August 8, 2024, regarding the loan and purchase of Bitcoins worth 1 billion yen, we hereby announce that we have purchased 500 million yen worth of Bitcoins.”
The announcement of additional purchase arrives days after Metaplanet announced to invest $58.76 million in Bitcoin. The firm had allocated 8.5 billion yen for Bitcoin in a move to enhance its crypto treasury.
The company’s decision to invest most of the funds raised in Bitcoin is based on the long-tern appreciation of the asset. With the recent purchase of additional 57.10 BTC, Metaplanet holds a total of 303 Bitcoins, worth 2.95 billion yen (around $17.8 million).
Additionally, Simon Gerovich, the CEO of Metaplanet noted that the company would “always be stacking Bitcoin.”
Besides, Metaplanet is taking the complete advantage of Japan’s low interest rates for additional BTC purchases, after taking loans. The Japanese stock market recently faced its worst one-day drop since 1987, after the Bank of Japan raised rates on short-term government bonds on July 31.
‘Asia’s MicroStrategy’ Follows MSTR’s BTC Purchase Strategy
Metaplanet, is often termed as Asia’s MicroStrategy, for following the footpaths of Michael J. Saylor’s MicroStrategy. Other companies such as Bitcoin miner Marathon Digital have also followed the same suit to add BTC to their balance sheet.
As of December 2023, MicroStrategy (MSTR) announced that it is nearly $2 billion in profit on its Bitcoin holdings. The company began investing in the digital asset over four years ago.
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