Metaplanet Increases Bitcoin Holdings with New $1.4 Million Purchase

Japanese public company Metaplanet, often referred to as ‘Asia’s MicroStrategy,’ has expanded its Bitcoin holdings with a fresh purchase on Tuesday. The company acquired an additional 21.88 Bitcoins, valued at ¥200 million ($1.4 million), averaging ¥9.14 million ($57,600) per coin. This latest acquisition brings Metaplanet’s total Bitcoin reserves to 225.611 BTC, amounting to $14.57 million at current prices. As of early Tuesday, Bitcoin was trading at $64,599.2.

Consistent Accumulation Strategy

Metaplanet’s recent purchase follows its acquisition of 42.466 Bitcoins on July 8, valued at ¥400 million ($2.5 million) at the time. The company has been consistently buying Bitcoin since April, positioning BTC as a strategic treasury reserve asset to diversify from the weak Japanese yen. The yen has been affected by low-interest rates in Japan, prompting Metaplanet to view cryptocurrencies as a hedge against inflation and economic instability. In May, the company stated, “Metaplanet has sharply adjusted its treasury operations to navigate Japan’s challenging economic landscape, while setting a local precedent for corporate innovation in asset management.”

Market Impact

In May, Metaplanet’s strategic move into Bitcoin contributed to a 158% surge in its stock value, making it a top gainer among Japanese stocks.

Following MicroStrategy’s Footsteps

Metaplanet’s approach mirrors that of MicroStrategy, the largest corporate holder of Bitcoin. In a statement issued on May 13, Metaplanet revealed plans to use various capital market instruments to bolster its BTC reserves, similar to MicroStrategy’s strategy. Currently listed on the Tokyo Stock Exchange, Metaplanet is limited to Japanese investors. However, according to Arnab Naskar, co-founder of the security token platform STOKR, there are plans to tokenize Metaplanet shares on the Bitcoin layer-2 network Liquid, potentially broadening investor access.

Corporate Bitcoin Holders Reaping Rewards

Several corporate Bitcoin holders, including MicroStrategy, have seen significant returns. Michael Saylor’s firm, for example, now boasts a total valuation exceeding $14 billion, according to Saylortracker.