Metaplanet Boosts Bitcoin Holdings to 141 BTC, Valued at €8.6M
Metaplanet, a Japanese investment firm, has bolstered its Bitcoin holdings with a $1.6 million purchase, bringing its total to 141 Bitcoin, valued at approximately €8.6 million. This move follows a series of strategic acquisitions that have temporarily lifted the company's stock market today price.
Metaplanet's Bitcoin strategy began in April 2024, with the firm designating Bitcoin as its strategic reserve currency due to Japan's significant debt and the instability of the yen. The company aims to establish itself as a pioneer in Asia's Bitcoin scene and expand its holdings significantly.
The firm's third Bitcoin purchase since April, totaling 43.12 Bitcoin acquired on May 10 and May 17, has been accompanied by press releases in both Japanese and English, targeting international investors. Metaplanet expects Bitcoin to retain its value compared to the Japanese yen and serve as a highly liquid, long-term supportive currency. The company's Bitcoin strategy has seen its stock market price rise from 36 yen after the first purchase in April to over 100 yen following the latest acquisition last week.
Metaplanet has also announced plans to raise an additional ¥935 million (about €5 million) through 'Stock Acquisition Rights' to purchase more Bitcoin, further solidifying its commitment to the cryptocurrency.
Metaplanet's Bitcoin strategy, while uncertain in its long-term success given the company's limited known investments and falling stock market history, has shown potential in temporarily boosting its stock market today price. With its latest purchase, the firm's Bitcoin holdings are now valued at approximately €8.6 million, reflecting its commitment to the cryptocurrency as a strategic reserve. The company's international outreach through bilingual press releases indicates its ambition to attract global investment in its Bitcoin-focused initiatives.
