Japanese Public Firm Metaplanet Acquires Additional $2.3 Million in Bitcoin

Metaplanet, a company listed on the Tokyo Stock Exchange and often likened to MicroStrategy, recently announced the acquisition of an additional 42.47 BTC, valued at around 400 million Japanese Yen (approximately $2.3 million).

This announcement came on Sunday following their purchase of ¥200 million in Bitcoin the previous week.

*Metaplanet purchases additional 42.47 $BTC* pic.twitter.com/dPotWszW1Y

— Metaplanet Inc. (@Metaplanet_JP) July 8, 2024

This marks Metaplanet’s fifth Bitcoin purchase in four months, increasing their total holdings to over 203 BTC, worth roughly 2 billion Yen (over $11 million). According to Metaplanet, the average purchase price per Bitcoin is approximately $58,500.

Originally focused on hotel development and real estate, Metaplanet has shifted its investment strategy towards Bitcoin, utilizing it as a reserve asset to mitigate economic challenges in Japan.

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This strategy mirrors a global trend where companies, such as MicroStrategy, adopt Bitcoin as a hedge against economic uncertainty.

Deyan Angelov

Active crypto trader who also follows news related to stocks, the S&P 500, and gold. Deyan enjoys staying physically active, trains regularly, and practices calisthenics. He also likes reading sci-fi books when he has the time.