Japanese company Metaplanet buys another $3.4 million in Bitcoin

The Japanese company Metaplanet has invested 500 million yen (3.4 million US dollars) Bitcoinbringing the company’s total holdings to 3.45 billion yen.

Metaplanet announced the news in a statement on August 20, saying it had completed the purchase of 57,273 BTC at an average purchase price of 8,730,117 yen (around $59,600) per bitcoin. The company’s total bitcoin holdings now stand at 360,368 BTC, which is equivalent to $21.9 million at its current value. Current price.

The purchase completes Metaplanet’s plan to buy 1 billion yen worth of Bitcoin for its corporate reserves, using a loan the company took out earlier this month, just days after announcing plans to Raise 10.08 billion yen through a rights issue to further expand its Bitcoin reserves.

The company’s share price rose 10.87% to 1,193 yen ($8.15) following the news.

The “Japanese microstrategy”

Metaplanet announced its plan to launch Bitcoin as a “central treasury reserve asset” in April 2024. Specification At the time, the company said: “This strategic shift is not just about leveraging digital assets, but also about pioneering a future where finance meets innovation at its core.” Since then, the share price has risen by over 500%.

“We believe this is the most valuable thing we can do for our shareholders,” said Dylan LeClair, director of Bitcoin strategy at Metaplanet, Decrypt shortly after the company announced its bitcoin purchase plan. At the time, he added that Metaplanet “will explore various options for acquiring additional bitcoins, including any opportunities in the capital markets that we believe will be accretive.”

The company’s Bitcoin buying strategy is similar to that of U.S. software company MicroStrategy, which has amassed over $13 billion worth of BTC under the leadership of its chairman Michael Saylor. Saylor, who underwent a Damascene conversion to become a Bitcoin maximalist, argues that Bitcoin will rise to a market cap of $280 trillion by 2045 – which would put his company’s current holdings above $3.6 trillion.

Edited by Stacy Elliott.