Metaplanet, a publicly traded Japanese investment advisor, said it purchased 20.2 Bitcoins (BTC) to increase its BTC holdings in its treasury.
Metaplanet Purchases Another $1.2 Million Worth of Bitcoin as Investment Strategy Progresses
In a statement on its website, the Tokyo-based company announced that it purchased 200 million yen ($1.2 million) worth of Bitcoin, increasing its total assets to 161.3 BTC.
The company posted a statement about the acquisition on its account on social media platform X shortly after the close of trading on the Tokyo Stock Exchange.
A week ago, the company said it planned to increase its Bitcoin holdings by purchasing an additional $6 million worth of BTC. According to the Metaplanet website, the focus on Bitcoin was driven by changes in the investment landscape resulting from the Covid pandemic.
The Bitcoin accumulation strategy mirrors the approach taken by Tysons Corner, Virginia-based software developer MicroStrategy, which has been buying BTC for almost four years and now owns over 226 BTC, more than 1% of all the number of Bitcoins ever to be issued.
Metaplanet shares rose 1% before the announcement.
*This is not investment advice.