- Metaplanet, an investment company listed in Tokyo, has purchased an additional 20.195 Bitcoin for $1.2 million.
- With this buy, Metaplanet’s bitcoin holdings now exceed $10 million.
Shortly after the Tokyo Stock Exchange closed on Monday, the Japanese investment firm Metaplanet revealed that it had acquired an extra 20.195 BTC for 200 yen ($1.2 million).
According to the company, this most recent buy increases Metaplanet’s holdings to 161.2677 BTC, or more than $10.1 million at current exchange rates. A total of 1.65 billion yen ($10.2 million) was paid for the bitcoin, with an average buying price of $63,427 per coin.
On June 24, Metaplanet revealed that its board of directors had decided to use funds from an impending bond offering to buy Bitcoin for 1 billion yen ($6.3 million).
The announcement made on Monday is the first purchase made as part of that procedure; in June, the corporation also bought extra bitcoin valued at 250 million yen.
Following in the footsteps of MicroStrategy
According to information from Bitcointreasuries.net, Metaplanet has already bought Bitcoin on April 23, May 10, and June 11, using a tactic akin to that of the American business intelligence company MicroStrategy.
The corporation stated in May that the action was a direct reaction to ongoing economic difficulties in Japan, particularly the country’s large levels of public debt, extended stretches of negative real interest rates, and the weakening yen as a result.
Following its most recent acquisition of 11,931 BTC for $786 million, MicroStrategy, which started purchasing bitcoin as its principal treasury reserve asset in 2020, now holds 226,331 BTC ($14.1 billion), or more than 1% of the total 21 million bitcoin supply.
According to TradingView, Metaplanet’s TSE-traded shares increased 1% on Monday and has increased by more than 233% since it began purchasing bitcoin.
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.
