Japan-based investment company Metaplanet has acquired an additional 124.117 BTC, worth approximately $11.4 million, at $90,750 per bitcoin, to combat inflation in the country.
This move comes just a few hours after the firm announced that it has raised funds from its third series of ordinary bond issuance, of which secure yield returns are expected to mature by November 17, 2025.
Metaplanet’s latest purchase brings the company’s total Bitcoin holding to 1,142 BTC, which is valued at an approximate cost of $74.1 million. The company’s total Bitcoin holding was bought at $65,038 for one BTC.
*Metaplanet purchases additional 124.11 $BTC* pic.twitter.com/4QLVrsGTei
— Metaplanet Inc. (@Metaplanet_JP) November 19, 2024
Metaplanet Adopts Bitcoin
In May 2024, the Japanese firm mentioned officially adopting Bitcoin as a major Treasury Reserve Asset to combat the financial and economic crisis and the high volatility facing the Japanese yen.
Since then, Metaplanet has taken a bullish stance for Bitcoin. Securing hundreds of units of the pioneer crypto, the publicly traded firm has been on a BTC shopping spree, leading digital asset adoption in Japan. Between May and today, the Bitcoin-friendly investment firm has topped its BTC appetite with more bitcoins.
For instance, on July 1, 2024, the Japanese company bought an additional 20 BTC worth $1.2 million. In early August, Metaplanet borrowed an aggregate of $6.8 million from one of its Shareholders, MMXX Ventures Limited, channeled to the BTC acquisition. On October 1, 2024, Metaplanet paid back the loan before the scheduled date.
Institutional Investors Hodl BTC at High Esteem
In recent developments, adopting Bitcoin as a hedge against economic crisis and inflation has been a major driving force for institutional investors. MicroStrategy, like Metaplanet, has also been a series of Bitcoin acquisition sprees.
Less than 24 hours ago, MicroStrategy spent $4.6 billion, adding $51,780 to its BTC stash, bringing the company’s total bitcoin Hodling to 331,200 BTC. The latest big buy comes after over four years of continuous BTC accumulation, a practice that has made MicroStrategy the largest corporate BTC holder.
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