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.
This strategy mirrors a global trend where companies, such as MicroStrategy, adopt Bitcoin as a hedge against economic uncertainty.
Metaplanet is aggressively expanding its Bitcoin holdings through an unconventional $5.4 billion capital raise, positioning itself as a leading BTC proxy in Asia.
BlueBird Mining Ventures, a London-listed firm traditionally focused on gold, is making headlines after announcing it will liquidate its gold reserves and begin accumulating Bitcoin as a treasury asset.
Bitcoin tumbled sharply today, shedding more than 3.5% in a matter of hours and briefly flirting with the critical $100,000 level.
Bitcoin is treading water near $105,000, but pressure is building on both sides of the trade as macro forces tighten.