Key Points
- Metaplanet Inc has added 38.464 BTC, worth approximately $2 million, to its Bitcoin holdings.
- This latest purchase brings Metaplanet’s total Bitcoin holdings to 398.832 BTC, valued at about $26 million.
Tokyo-based investment firm Metaplanet Inc has increased its Bitcoin holdings by an additional 38.464 BTC, valued at around 300 million yen (roughly $2 million). This reinforces the company’s growing dedication to the world’s top cryptocurrency amidst a weakening yen in Japan.
Metaplanet’s most recent acquisition has increased its total Bitcoin holdings to 398.832 BTC, which is estimated to be worth about $26 million. This implies that the company has purchased its entire Bitcoin portfolio at an average price of $65,432 per Bitcoin.
Bitcoin Market Conditions
The latest acquisition comes at a time when Bitcoin prices have been fluctuating, with the cryptocurrency dipping below $53,000 on September 7. However, Bitcoin has since bounced back, currently trading around $56,800, a 3.5% increase over the past 24 hours. Metaplanet’s decision to purchase during this price slump suggests a strategy to acquire the asset at a lower price.
Metaplanet’s Bitcoin Strategy
Since April, Metaplanet has been actively increasing its Bitcoin reserves. This decision comes in response to growing concerns about Japan’s economy, which includes a declining yen, rising government debt, and prolonged negative real interest rates. For Metaplanet, Bitcoin has emerged as a valuable hedge against these financial pressures and has become a key part of its treasury management.
In August, the company secured a 1 billion yen ($6.8 million) loan at an annual interest rate of 0.1%. It quickly used these funds to purchase an additional 115 BTC by August 20. Metaplanet recently announced plans to exercise the 11th series of stock acquisition rights, generating 299.7 million yen. The company stated that the proceeds from this transaction would be directed toward additional Bitcoin purchases, indicating its intention to continue growing its Bitcoin holdings.
The company’s stock reacted positively to the latest acquisition, trading 4.4% higher on Tuesday at around 1,086 yen. Earlier in the day, the stock hit a high of 2,000 yen. Metaplanet is also exploring the possibility of using Bitcoin as collateral for future financing endeavors through SBI VC Trade, the cryptocurrency arm of Japanese financial giant SBI Group.
As Metaplanet continues to accumulate Bitcoin, US-based business intelligence company MicroStrategy remains the largest corporate Bitcoin holder globally, with 226,500 BTC.
