Metaplanet in Japan Increases Bitcoin Holdings to Nearly 400 BTC
Japanese investment firm Metaplanet has once again demonstrated its commitment to Bitcoin, with a recent acquisition of $2 million worth of the cryptocurrency. The Tokyo-listed company disclosed in a filing on September 10 that it had purchased ¥300 million ($2 million) worth of Bitcoin. This latest move saw Metaplanet add more than 38.4 BTC to its holdings, bringing the total to over 398.8 BTC, valued at around $22.7 million based on current market prices.
Metaplanet, which integrated Bitcoin into its reserves earlier this year, has intensified its crypto investments in response to Japan’s economic challenges and the yen’s devaluation. Following the Bank of Japan’s decision to increase its benchmark interest rate to 0.25% after a period of negative or near-zero rates, Metaplanet opted to further diversify its reserves by investing in Bitcoin. This strategic shift mirrors the approach taken by U.S.-based MicroStrategy with its Bitcoin investments.
Just recently, Metaplanet announced a collaboration with SBI VC Trade, a subsidiary of Japan’s financial powerhouse SBI Group. This partnership aims to leverage corporate custody services and financing options using Bitcoin as collateral to enhance compliance and tax efficiency for Metaplanet’s expanding crypto portfolio.
Earlier this year, Metaplanet unveiled plans to raise $70 million through stock rights offerings, with 80% of the proceeds earmarked for additional Bitcoin acquisitions. The company’s pivot to Bitcoin has proven lucrative for its shareholders, as Metaplanet’s stock has soared over 545% year-to-date. This surge in stock value underscores the increasing attractiveness of Bitcoin as an alternative asset in light of Japan’s ongoing financial uncertainties.
