Tokyo-based investment firm Metaplanet has stepped up its Bitcoin investments by purchasing around 38 more BTC worth around 300 million yen ($2 million).
Japan’s Metaplanet Increases Bitcoin Holdings with $2M Purchase, Bringing Total to $26M
Thus, the company's total Bitcoin holdings reached 398 BTC, worth approximately 3.75 billion yen ($26 million), while the firm continues to express its confidence in the world's largest cryptocurrency.
The latest Bitcoin purchase comes amid a mild market recovery, with Bitcoin (BTC) up 3.12% in the past 24 hours to trade at $56,732 after hitting a low of around $52,700 at the start of the week.
Following the announcement, Metaplanet's shares rose 4.42% on Tuesday to trade at around 1,086 yen in the afternoon session after reaching levels of around 2,000 yen earlier in the day. The broader Nikkei 225 index was flat, up slightly 0.02%.
Metaplanet has been actively increasing its Bitcoin reserves in recent months. In May, the firm announced that it was adopting Bitcoin as a strategic treasury reserve asset, citing economic challenges such as high government debt in Japan, long periods of negative real interest rates and a weakening yen.
On Monday, the company also announced that its management will exercise its rights to acquire series 11 shares, raising approximately 299.7 million yen, which will be used to purchase additional Bitcoin.
*This is not investment advice.
