Japanese investment firm Metaplanet has made another significant investment in Bitcoin by purchasing an additional 619.7 BTC for approximately $61 million.
Metaplanet Expands Bitcoin Holdings with $61 Million Acquisition
The move underscores the company's bullish stance on the world's leading cryptocurrency.
In a statement today, Metaplanet announced that it purchased 619.7 BTC at an average price of 15.3 million yen ($97,786) per bitcoin, for a total of 9.5 billion yen ($60.6 million).
With this latest purchase, the firm's total Bitcoin holdings have increased to 1,761.98 BTC, worth approximately $167.1 million at current market prices.
The funds for this purchase were provided last week through the issuance of two tranches of bonds worth 9.5 billion yen. Metaplanet described the move as part of its strategy to “accelerate Bitcoin purchases.”
Strategic Bitcoin Reserve
Metaplanet began adopting Bitcoin as a strategic treasury reserve asset in May and has been on an aggressive buying spree ever since. The firm’s commitment aligns with a broader trend of institutions embracing Bitcoin as a store of value and inflation hedge.
Stock Performance
Metaplanet shares traded on the Tokyo Stock Exchange closed down 0.98% at 3,540 yen on Monday. However, the company’s stock price is up 1.982% year-to-date, according to Yahoo Finance, reflecting investor confidence in its Bitcoin-centric strategy.
*This is not investment advice.