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.

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