Metaplanet now owns over 300 bitcoins worth more than $18 million.
Despite the unsure crypto market movements, Tokyo-based public corporation Metaplanet has acquired an additional 57.1 bitcoins to round up its holdings to 303 BTC. The purchase was announced five days after the company borrowed $6.8 million to buy bitcoins.
The company has adopted bitcoin as its primary reserve asset, following in the footsteps of MicroStrategy, a U.S. crypto-inclined company, and Marathon Digital, a famous bitcoin miner.
Metaplanet Goes Bitcoin Shopping Again
Although the company still sits in losses of about $2 million by the current bitcoin price, it has shown remarkable confidence in the future of cryptocurrency by purchasing more BTC.
Metaplanet announced on Tuesday that it has spent an extra $3.4 million (¥500 million) to purchase 57.103 bitcoins. The company has not paused on its bitcoin acquisition spree.
According to a statement on its official website, Metaplanet purchased the bitcoins at an average price of $59,577 (¥8,756,107) per BTC. Following Tuesday’s purchase, the company now holds 303.095 bitcoins acquired at an average price of $66.219 per bitcoin. Metaplanet has invested over $20 million into its ” bitcoin-first, bitcoin-only” strategy.
Metaplanet’s Bitcoin Adoption
Metaplanet adopted bitcoin as its primary reserve asset in May 2024 as a “direct response to sustained economic pressure in Japan.” The company also revealed that it views bitcoin as a scarce digital asset that will continue to appreciate against fiat currencies and other traditional stores of value.
Recently, Metaplanet pioneered bitcoin adoption in the Asian financial market by borrowing $6.8 million from one of its big shareholders, MMXX Ventures, to purchase bitcoins. Thus exposing its investors to bitcoin and the crypto industry.
Additionally, Metaplanet announced a partnership with Sora Ventures and other companies as it aims to “create Asia’s first MicroStrategy.” MicroStrategy is the world’s first public bitcoin company, owning 226,500 bitcoins worth more than $13.5 billion, almost 1.1% of the total bitcoin supply. Michael Saylor, MicroStrategy’s bitcoin enthusiastic chairman, has revealed that he owns more than $1 billion in bitcoins.
Similarly, Marathon Digital has adopted a full bitcoin HODL strategy. Despite being a miner, the company now holds over 20,000 bitcoins and plans to acquire more BTC from the open market regularly.
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