In a strategic move following the closing bell at the Tokyo Stock Exchange on Monday, Japanese investment firm Metaplanet announced the acquisition of an additional 20.195 bitcoins for 1.65 billion yen ($10.2 million). This purchase increases Metaplanet’s total bitcoin holdings to 161.2677 BTC, valued at more than $10.1 million based on current market prices.
Metaplanet’s decision to bolster its bitcoin reserves comes after a previous commitment made on June 24, where the company’s board of directors approved a plan to invest 1 billion yen ($6.3 million) in bitcoin, financed through an upcoming bond issuance. This latest acquisition marks the initial step in that strategy, building upon the firm’s purchase of 250 million yen worth of bitcoin earlier in June.
Following a trend set by US business intelligence firm MicroStrategy, which began accumulating bitcoin as a primary treasury asset in 2020, Metaplanet has been steadily increasing its holdings throughout the year. According to data from Bitcointreasuries.net, Metaplanet made previous bitcoin purchases on April 23, May 10, and June 11, emulating MicroStrategy’s approach.
“The move is a direct response to sustained economic pressures in Japan, notably high government debt levels, prolonged periods of negative real interest rates, and the consequently weak yen,” Metaplanet stated in May.
Metaplanet’s stock, listed on the Tokyo Stock Exchange, experienced a 1% increase on Monday following the announcement, reflecting investor confidence in the firm’s strategic direction. Since initiating its bitcoin purchases, Metaplanet’s stock has surged more than 233%, as reported by TradingView.
