“Asia’s MicroStrategy” Metaplanet Buys ¥500M worth of Bitcoin

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Metaplanet, a Japanese public company recently known for its steady Bitcoin accumulations, has acquired an additional ¥500 million worth of Bitcoin (BTC), the company’s CEO Simon Gerovich said in a recent post on X.

Always be stacked #Bitcoin @Metaplanet_JP pic.twitter.com/c34goVoLa8

— Simon Gerovich (@gerovich) August 13, 2024

The latest purchase brings Metaplanet’s total Bitcoin holdings to approximately 303 BTC, valued at nearly $18 million. The move comes after the company announced last week that it had secured a ¥1 billion loan dedicated entirely to the purchase of Bitcoin.

Metaplanet also revealed plans to raise about $70 million through a rights offering, earmarking about $58 million for further investments in Bitcoin.

Despite a recent decline in the Bitcoin market, Metaplanet’s continued investment reflects its commitment to using the flagship crypto as a treasury reserve asset. The firm aims to provide domestic investors with exposure to Bitcoin while benefiting from favorable tax treatment.

Metaplanet’s Bitcoin strategy is inspired by that of MicroStrategy, a large US software firm known for its substantial investments in Bitcoin. Metaplanet sees Bitcoin as a strategic long-term investment and a hedge against the yen’s depreciation and Japan’s high government debt.

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