Japanese publicly traded company Metaplanet Inc. is doubling down on its Bitcoin (BTC) strategy as the firm has just announced the… Announced A new round of shopping.
Japanese publicly traded company Metaplanet Inc. is doubling down on its Bitcoin (BTC) strategy as the firm has just announced the… Announced A new round of shopping.
Metaplanet bags are now bigger
According to the update, Metaplanent purchased a total of 20,195 units of Bitcoin for an average of 9,903,440 yen for each BTC purchased. This last tranche was valued at approximately 200 million yen, or $1,242,180.
Tomiwabold OlajideMetaplanet began its Bitcoin accumulation strategy earlier this year, intending to copy MicroStrategy’s playbook. The company is now the first publicly traded Asian corporation to fully adopt Bitcoin as its treasury reserve asset.
Metaplanet is now more consistent about its Bitcoin accumulation strategy than MicroStrategy. As previously reported by Guru-InvestingMetaplanet now makes Bitcoin acquisitions almost every two months.
Following this latest purchase, the firm said it has increased its Bitcoin holdings to 161.2677 BTC at an average price of 10,231,438 yen per unit. This brings its total Bitcoin holdings to a market valuation of 1.65 billion yen, or $10.24 million.
Like MicroStrategy, Metaplanet also acquired part of the BTC in its portfolio with a debt offering. The company revealed that it issued 1 billion yen in bonds on June 24 and that the proceeds were used to buy more Bitcoin.
More drastic boost for Bitcoin
As a relatively larger company, MicroStrategy’s bets on Bitcoin are generally worth more in dollar value; aside from that, Metaplanet Inc.’s efforts regarding its BTC strategy are quite bullish.
Arman ShirinyanIn a bid to focus more on Bitcoin, the company announced the creation of an offshore subsidiary in the British Virgin Islands (BVI). The BVI entity will help it handle Bitcoin purchases and other Bitcoin-related businesses, as mentioned in the filing.
With this latest purchase, Metaplanet is notably boosting broader interest in Bitcoin, a trend that other Asian multinationals could adopt in the near future.
