Metaplanet of Japan Acquires $2 Million More in Bitcoin
Japanese investment firm Metaplanet has recently acquired an additional ¥300 million ($2 million) worth of Bitcoin for its corporate treasury. The firm disclosed this latest purchase in a filing on September 10, revealing that it bought 38.464 BTC at an average price of ¥7.8 million ($54,517) during a recent price dip for Bitcoin.
Metaplanet’s Director of Bitcoin Strategy, Dylan LeClair, expressed gratitude for the price action, stating that they have capital ready to deploy. With this latest purchase, Metaplanet now holds a total of 398.832 BTC, acquired for ¥3.75 billion ($26.12 million) at an average price of ¥9.4 million.
At Bitcoin’s current price of $57,123, Metaplanet’s Bitcoin holdings are valued at $22.8 million according to data from CoinGecko.
Metaplanet initiated its aggressive Bitcoin purchasing strategy in April 2024, referring to it as a strategic pivot. LeClair emphasized that this move was deemed highly valuable for shareholders, a sentiment reinforced by the surge in the firm’s stock price from ¥190 ($1.32) before the strategy launch to its current value of ¥1,101 ($7.69). However, the stock has retreated from its peak of ¥3,000 ($20.95) in late July, coinciding with Bitcoin trading around $66,000.
Metaplanet recently completed a ¥500 million ($3.4 million) Bitcoin purchase, following a plan to acquire ¥1 billion in Bitcoin through a loan. The firm also announced intentions to raise ¥10.08 billion through a stock rights offering to further bolster its Bitcoin reserves.
Metaplanet’s Bitcoin acquisition approach mirrors that of MicroStrategy, a U.S. software company that has amassed almost $13 billion in BTC under the guidance of Bitcoin advocate Michael Saylor. Saylor predicts Bitcoin’s price could reach $13 million over 21 years, potentially elevating the cryptocurrency’s market capitalization to $256 trillion, nearly ten times the current U.S. gross domestic product.
Metaplanet’s shares are currently trading at $7.69, as per Google Finance.
