Metaplanet buys additional ¥500 million worth of Bitcoin

Metaplanet, a publicly traded Japanese company, also purchased ¥500 million ($3.7 million) worth of bitcoin. This latest purchase comes after the firm last week secured a ¥1 billion loan to acquire Bitcoin.

JUST IN: 🇯🇵 Japanese public company Metaplanet buys another 500 million yen #Bitcoin pic.twitter.com/utiXEwsymM

— Bitcoin Magazine (@BitcoinMagazine) August 20, 2024

Metaplanet bought 57,273 bitcoins at an average price of ¥8.73 million per bitcoin. This brings 360,368 bitcoins purchased for ¥3.45 billion ($25.6 million).

Metaplanet first announced plans to raise ¥10.08 billion through a public offering to finance Bitcoin purchases on August 6. A week later, he got a ¥1 billion loan to buy Bitcoin, which he has now used to buy over 100 Bitcoins so far.

The Japanese firm is aggressively expanding its Bitcoin reserves by lending capital at low interest rates. This mimics MicroStrategy’s “Bitcoin buy strategy”, which since 2020 has sold debt and equity to amass over 226,500 Bitcoin treasuries.

Other public buyers of Bitcoin that have raised capital recently include Marathon Digital Holdings, which sold $300 million in convertible notes to buy Bitcoin. Semler Scientific also issued equity and debt in part to buy Bitcoin.

Metaplanet’s series of loans and equity offerings to finance Bitcoin purchases illustrates how public companies are using the markets to stack stocks. With the adoption of Bitcoin, firms treat it as a treasury reserve asset.

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.