Japanese Investment Firm Metaplanet Increases Bitcoin Holdings to Over $10 Million

Japanese investment firm Metaplanet surpasses $10 million mark in bitcoin holdings, mirroring the strategy of U.S. firm MicroStrategy.

Japanese investment firm Metaplanet has further bolstered its bitcoin holdings, surpassing the $10 million mark. The company announced the purchase of an additional 20.195 BTC for $1.2 million shortly after the Tokyo Stock Exchange closed on Monday.

This latest acquisition brings Metaplanet’s total bitcoin holdings to 161.2677 BTC, valued at over $10.1 million at current prices. The firm acquired the bitcoin at an average price of $63,427 per coin.

The purchase aligns with Metaplanet’s previously announced strategy of using capital raised through a bond issuance to invest in bitcoin as a treasury reserve asset. This follows similar acquisitions in April, May, and June.

Metaplanet’s strategy appears to mirror that of U.S. business intelligence firm MicroStrategy, which began accumulating bitcoin in 2020. MicroStrategy currently holds a significant amount of bitcoin, exceeding 1% of the total supply.

The move by Metaplanet is seen as a response to Japan’s economic climate, characterized by high national debt, negative interest rates, and a weakening yen. Metaplanet’s stock price has risen over 233% since the company began its bitcoin investment strategy.

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