Metaplanet Inc., a Japanese company listed on the Tokyo Stock Exchange, has made a major statement about its bullish stance on Bitcoin. On Tuesday, the company announced the purchase of an additional 106.976 BTC for approximately 1 billion yen, which translates to roughly $6.7 million at current exchange rates. This latest acquisition brings Metaplanet’s total Bitcoin holdings to a significant 855.478 BTC, solidifying its position as a major player in the cryptocurrency market.
This bold move comes as part of Metaplanet’s larger strategic plan to integrate cryptocurrencies into its financial operations. The company’s total investment in Bitcoin now stands at a substantial 7.965 billion yen, equivalent to approximately $53.3 million. Metaplanet’s average purchase price for Bitcoin sits at 9,310,061 yen, or roughly $62,400.
Metaplanet’s recent Bitcoin acquisitions reflect a growing trend among publicly listed companies to embrace cryptocurrencies as a part of their investment strategies. This trend mirrors the actions of other notable companies, such as MicroStrategy, which has also made significant investments in Bitcoin.
Metaplanet’s Bitcoin buying spree began earlier this year. In September, the company announced the acquisition of 38.6 BTC for 300 million yen, or about $2.2 million, increasing its total holdings to 398.8 BTC. This followed an August announcement where Metaplanet revealed plans to raise 10.08 billion yen to further bolster its Bitcoin reserves. Earlier this month, Metaplanet, often referred to as “Asia’s MicroStrategy,” expanded its Bitcoin portfolio by purchasing an additional 107.91 BTC valued at approximately $6.92 million.
Metaplanet’s continued commitment to Bitcoin signifies its belief in the long-term value and potential of the cryptocurrency. This strategy reflects a broader shift in the corporate world towards embracing digital assets as a part of their financial future.