Metaplanet buys another ¥500 million worth of Bitcoin

Metaplanet, a Japanese listed investment firm, purchased an additional ¥500 million ($3.4 million) worth of bitcoin. This brings the company’s total Bitcoin holdings to 303, purchased for ¥2.95 billion ($20 million).

JUST IN: 🇯🇵 Metaplanet buys another 500 million yen #Bitcoin pic.twitter.com/dfGWwqNBXw

— Bitcoin Magazine (@BitcoinMagazine) August 13, 2024

On August 6, Metaplanet announced plans to raise ¥10.08 billion through a rights offering to expand its Bitcoin reserves. It followed on August 8 with a 1 billion yen secured loan to buy more Bitcoin.

The firm has aggressively pursued a Bitcoin accumulation strategy this year to bolster its balance sheet. Metaplanet believes that Bitcoin can appreciate significantly and protect against the yen’s depreciation.

The most recent ¥500 million bitcoin purchase was for 57.1 BTC at an average price of ¥8.8 million per bitcoin. A total of 303 Bitcoins from Metaplanet were purchased for ¥9.7 million per Bitcoin on average.

The company is taking a page from the MicroStrategy playbook, aggressively using debt and equity to grow its Bitcoin stock. Metaplanet stock has rallied significantly since it first announced its Bitcoin pivot in April, despite the recent decline from annual highs. The company positions itself as a publicly traded proxy for Bitcoin exposure in Japan.

Other firms such as MicroStrategy, Marathon Digital Holdings and Semler Scientific are also raising money in the debt markets to buy more Bitcoin and ride their adoption curve. These savvy public companies use the cheap lending rates of the fiat system to accumulate limited Bitcoin.

Disclaimer: Bitcoin Magazine is wholly owned and operated by BTC Inc UTXO managementa regulated capital allocator focused on the digital asset industry and invested in Metaplanet. UTXO invests in a variety of Bitcoin businesses and has significant holdings in digital assets.