'Asia's MicroStrategy' Metaplanet buys ¥500 million worth of Bitcoin
The new investment came after the company secured a ¥1 billion loan to acquire more BTC.
Key Takeaways
- Metaplanet purchased ¥500 million in Bitcoin, totaling about 303 BTC.
- The firm uses Bitcoin to minimize exposure to the weakening yen.
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Metaplanet, a Japanese public company recently known for its steady Bitcoin accumulations, has acquired an additional ¥500 million worth of Bitcoin (BTC), said Simon Gerovich, the company’s CEO in a recent post on X.
Always be stacking #Bitcoin @Metaplanet_JP pic.twitter.com/c34goVoLa8
— Simon Gerovich (@gerovich) August 13, 2024
The latest acquisition brings Metaplanet’s total Bitcoin holdings to around 303 BTC, valued at nearly $18 million. The move came after the company announced last week it had secured a ¥1 billion loan dedicated entirely to purchasing Bitcoin.
Metaplanet also revealed plans to raise about $70 million through a stock rights offering, allocating approximately $58 million for further Bitcoin investments.
Despite a recent downturn in the Bitcoin market, Metaplanet’s continued investment reflects its commitment to using the flagship crypto as a treasury reserve asset. The firm aims to provide domestic investors with Bitcoin exposure while benefiting from favorable tax treatment.
Metaplanet’s Bitcoin strategy is inspired by that of MicroStrategy, a major US software firm known for its substantial Bitcoin investments. Metaplanet views Bitcoin as a strategic long-term investment and a hedge against the yen’s depreciation and Japan’s high government debt.
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