- The company, which is listed in Tokyo, reported purchasing 38.4 more bitcoin.
- Its total bitcoin holdings now stand at 398.8 BTC after this acquisition.
The Japanese investment business Metaplanet Inc., which is still bullish on the largest cryptocurrency in the world, said today that it has acquired an extra 38.464 bitcoin, valued at almost 300 million yen ($2 million).
According to Yahoo Finance, Metaplanet’s stock increased 4.42% on Tuesday in Japan, trading at about 1,086 yen after hitting a high of about 2,000 yen earlier in the day. In the afternoon trading session, the stock is still moving. The Nikkei 225 index increased by 0.02% but stayed almost unchanged.
Following its announcement in May that it has begun to adopt bitcoin as its strategic treasury reserve asset, Metaplanet has been buying bitcoins at an exponential rate in recent months.
The company stated at the time that the decision was made in reaction to ongoing economic difficulties in Japan, specifically the country’s high levels of public debt, protracted periods of negative real interest rates, and the weakening value of the yen.
According to Yahoo Finance, Metaplanet’s stock increased 4.42% on Tuesday in Japan, trading at about 1,086 yen after hitting a high of about 2,000 yen earlier in the day. In the afternoon trading session, the stock is still moving. The Nikkei 225 index increased by 0.02% but stayed almost unchanged.
Following its announcement in May that it has begun to adopt bitcoin as its strategic treasury reserve asset, Metaplanet has been buying bitcoins at an exponential rate in recent months.
The company stated at the time that the decision was made in reaction to ongoing economic difficulties in Japan, specifically the country’s high levels of public debt, protracted periods of negative real interest rates, and the weakening value of the yen.
With proceeds of 299.7 million yen, Metaplanet’s management stated on Monday that it will exercise the 11th series of stock acquisition rights. The firm stated, “The funds received will be used to purchase bitcoins.”
The cryptocurrency division of the Japanese financial giant SBI Group, SBI VC Trade, was paired with by Metaplanet this week to provide “access to a compliant corporate custody service that prioritizes tax efficiency and offers the potential to utilize bitcoin as collateral for financing.”
MicroStrategy, led by Michael Saylor, continues to be the biggest corporate bitcoin holder with 226,500 BTC. With 25,000 BTC, Marathon Digital breaks this record.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
