‘Asia’s MicroStrategy’ Metaplanet buys another ¥200 million worth of Bitcoin
Key Takeaways
- Metaplanet's recent Bitcoin purchase increases its total holdings to 161.27 BTC.
- The company adopts Bitcoin as a reserve asset in response to Japan's economic conditions.
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Metaplanet, a publicly traded company listed on the Tokyo Stock Exchange and often compared to MicroStrategy, has acquired an additional 20.2 Bitcoin (BTC), valued at approximately 200 million Japanese Yen (around $1.2 million), the company shared in a Monday post.
*Metaplanet purchases additional 20.20 $BTC* pic.twitter.com/4tCRWAc2an
— Metaplanet Inc. (@Metaplanet_JP) July 1, 2024
The latest move marks the company’s fourth Bitcoin purchase over the past four months, bringing its total holdings to 161.27 BTC, worth about ¥1.6 billion (over $10 million). The average purchase price per Bitcoin stands at $63,500, according to Metaplanet.
The company made previous purchases on April 23, May 10, and June 10. Following the third purchase, Metaplanet’s shares soared 10%.
Metaplanet, which specializes in hotel development and real estate, has shifted its focus to investing in Bitcoin, using it as a reserve asset amid Japan’s economic challenges.
The company’s move mirrors strategies employed by other major firms like MicroStrategy, leveraging Bitcoin as a hedge against the weakening yen and economic instability.
As of July 1, global public companies hold a collective 321,223 BTC, with MicroStrategy at the forefront, owning 226,331 BTC, which constitutes over half of its market cap, as reported by BitcoinTreasuries.net.
Japanese businesses are increasingly entering the crypto market. According to a survey by Nomura brokerage, up to 54% of fund managers in Japan plan to invest in crypto within the next three years.
As reported by Crypto Briefing today, Sony Global has acquired Amber Japan and is preparing to launch a crypto exchange.
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