With this acquisition, the company’s total Bitcoin holdings, valued at ¥3.75 billion, now stand at 398.832 BTC.
The Japanese publicly traded company Metaplanet Inc. has revealed that it has purchased 38.464 more Bitcoins for a total of ¥300 million, or about $2.1 million.
In an announcement, the firm said this purchase now brings the company’s total Bitcoin holdings to 398.832 BTC, valued at ¥3.75 billion.
Asia’s MicroStrategy?
Because of its aggressive Bitcoin accumulation, Metaplanet has gained the moniker “Asia’s MicroStrategy,” emulating the U.S.-based company MicroStrategy, which is well-known for its substantial cryptocurrency investments.
The company has become a major player in the cryptocurrency markets thanks to its strategy of acquiring large amounts of Bitcoin, and its recent acquisitions have drawn attention from the financial sector.
The strategy employed by Metaplanet is indicative of a larger trend in which businesses are incorporating digital assets into their financial plans.
Metaplanet Plans to Raise 10 Billion Yen
The company announced in August that it would increase its Bitcoin holdings by about ¥8.5 billion yen, or about $58.76 million, by investing in a new stock offering.
The company wants to give all common shareholders the right to purchase stock in order to raise ¥10 billion yen, or roughly $69.13 million.
All common shareholders will receive stock acquisition rights as of September 5, with the allotment taking effect on September 6. This decision was made during a Board of Directors meeting.
Metaplanet has stated that a number of economic factors, such as Japan’s high national debt, ongoing negative interest rates, and the depreciation of the yen, were the impetus behind its decision to make a significant investment in Bitcoin.
In contrast to the established financial system, the company hopes that Bitcoin’s decentralized and deflationary nature will provide long-term value, serving as a hedge against current economic uncertainties.
Metaplanet is not the first company to make large Bitcoin purchases. The business purchased 21.88 more Bitcoins on July 16 for ¥200 million yen, or roughly $1.4 million, each coin, with an average price of ¥9.14 million yen ($57,600).
With its recent wave of acquisitions, Metaplanet has established itself as one of the leading Bitcoin holders in Asia, proving how confident the company is in the cryptocurrency’s future prospects.
Given the ongoing difficulties facing Japan’s economy, Metaplanet’s adoption of Bitcoin may provide an example for other businesses looking to use alternative assets to manage market volatility.