Japanese investment firm Metaplanet has significantly added to its bitcoin holdings, buying an additional 68.59 BTC for $6.6 million. This latest acquisition brings the company’s total bitcoin holdings to 2,100 BTC, valued at approximately $203 million.
Metaplanet’s bitcoin holdings have reached a significant milestone, surpassing the 2,000 BTC mark in a remarkably short period. Just three days ago, the company made a substantial investment, acquiring 269 bitcoins at approximately $26.4 million.
This strategic purchase was followed by its latest acquisition of 68.59 BTC, further solidifying Metaplanet’s position in the global cryptocurrency market. As a result, the company now holds a notable stake in the total bitcoin supply, accounting for approximately 0.01% of the entire circulating supply.
A Steady Increase in Bitcoin Holdings
Metaplanet’s bitcoin journey dates back to 2024, and since then has been marked by steady growth and unwavering confidence in the cryptocurrency’s potential, highlighted by its frequent shopping sprees.
Last year, the company began exploring the potential of digital assets. At that time, Japan was facing a major economic and financial crisis, which made the Japanese Yen highly volatile.
Recognizing Bitcoin’s potential for growth and its increasing adoption as a store of value, Metaplanet officially turned to the crypto asset as its major reserve asset. Since then, the company has been proactively acquiring more bitcoins, confident that it will play a crucial role in stabilizing its economy.
In the months that followed, Metaplanet began to gradually build its bitcoin holdings, making strategic purchases during periods of market volatility. As of June 2024, the company held 141 BTC, a relatively modest stake in the cryptocurrency.
However, Metaplanet’s latest purchase marks a significant escalation in its bitcoin holdings. The company’s total bitcoin portfolio has increased by over 1,400% in just a few months, demonstrating its commitment to expanding its presence in the cryptocurrency market.
Asian MicroStrategy
Metaplanet’s bullish outlook on Bitcoin earned it the title ‘Asian MicroStrategy’. The title reflects the company’s similarly bullish stance on the crypto asset, mirroring Strategy’s own aggressive Bitcoin investment strategy.
Despite Strategy’s hiatus from bitcoin purchases last week, as confirmed by Saylor’s tweet attributing the pause to a lack of sales under its at-the-market equity offering program, the company’s bullish stance on bitcoin persists. Strategy will likely re-enter the market and resume its Bitcoin acquisition strategy.
