Japanese investment firm Metaplanet has increased its BTC holdings with a recent purchase of 57 Bitcoins worth approximately 500 million yen ($3.4 million).
Japan's Metaplanet Increases Bitcoin Presence with $3.4 Million Purchase, Reaches 360 BTC
The purchase is seen as part of the company’s previously announced plan to accumulate Bitcoin as a strategic treasury asset.
The Tokyo-listed firm said in a statement that the acquisition completes its goal of using a 1 billion yen ($6.8 million) loan secured earlier this month to buy more Bitcoin.
Following this latest purchase, Metaplanet now holds a total of 360 BTC.
In May, Metaplanet began adopting Bitcoin as its primary treasury reserve, citing Japan’s ongoing economic challenges, including high government debt, long periods of negative real interest rates, and a weakening yen. The company sees Bitcoin as a hedge against these economic pressures.
Metaplanet shares were trading up 10.7% at 1,192 yen on Tuesday morning, according to Google Finance, and reached an intraday high of 1,293 yen. The broader Nikkei 225 index was also gaining, up 1.7% for the session.
Metaplanet’s Bitcoin holdings remain relatively modest compared to industry giants. MicroStrategy, led by Michael Saylor, remains the largest institutional Bitcoin holder with 226,500 BTC, followed by Marathon Digital with 25,000 BTC, according to BitcoinTreasuries data.
*This is not investment advice.