Japanese publicly traded company Metaplanet Inc. is strengthening its Bitcoin strategy as the company just announced a new round of purchases.
According to the update, Metaplanent purchased a total of 20,195 BTC at an average price of 9,903,440 yen per BTC for a total value of about 200 million yen, or $1,242,180.
*Metaplanet purchases additional 20.20 $BTC* pic.twitter.com/4tCRWAc2an
— Metaplanet Inc. (@Metaplanet_JP) July 1, 2024
Metaplanet began a similar Bitcoin accumulation strategy earlier this year to MicroStrategy. The company now represents the first publicly traded Asian conglomerate to fully accept Bitcoin as a treasury reserve asset.
Metaplanet is now more consistent in its Bitcoin accumulation strategy than MicroStrategy, making Bitcoin buybacks almost every month.
Following the latest purchase, Metaplanet increased its BTC holdings to 161.2677 at an average price of 10,231,438 yen per unit, bringing the company’s total Bitcoin portfolio to 1.65 billion yen, or 10.24 million USD.
Like MicroStrategy, Metaplanet also purchased some BTC through a debt offering. The company revealed it issued one billion yen in bonds on June 24, with the proceeds going to buy more Bitcoin.
As a relatively large company, MicroStrategy’s Bitcoin investments are often worth more in dollar terms; additionally, Metaplanet’s efforts regarding its BTC strategy are also quite bullish.
In an effort to focus more on Bitcoin, the company announced the establishment of an offshore subsidiary in the British Virgin Islands. This entity will help the company facilitate Bitcoin purchases and other Bitcoin-related businesses, as mentioned in the filing. With this latest acquisition, Metaplanet is driving broader interest in Bitcoin, a trend that other Asian multinationals may catch on to in the near future.
Itadori
According to U.today
