Metaplanet Doubles Bitcoin, Buys Additional 1 Billion Yen worth of BTC

Share this article

Tokyo-listed investment firm Metaplanet announced on Tuesday that it had purchased an additional 107,913 Bitcoins, valued at 1 billion yen (about $7 million).

*Metaplanet buy additional 107.91 $BTC* pic.twitter.com/pPrRBGrJsC

— Metaplanet Inc. (@Metaplanet_JP) October 1, 2024

The latest purchase brings the company’s total Bitcoin holdings to about 506 BTC, equivalent to about $32 million at current Bitcoin prices, Metaplanet said. The acquisition follows the firm’s ¥300 million purchase of Bitcoin last month.

Inspired by MicroStrategy’s Bitcoin playbook, Metaplanet has been actively buying Bitcoin, aiming to use the iconic crypto as a strategic treasury reserve asset in response to Japan’s economic challenges.

Since unveiling its Bitcoin strategy, the firm has not gone a month without releasing more coins, regardless of a recent dip in the Bitcoin market. The company believes that its strategy will give domestic investors exposure and help them benefit from favorable tax treatment.

In early September, Metaplanet formed a partnership with the crypto investment arm of SBI Group to improve its Bitcoin trading and custody services. The two entities focus on compliant corporate custody, tax efficiency and the use of Bitcoin as collateral.

Share this article