Japanese Public Firm Metaplanet Acquires Additional $2.3 Million in Bitcoin

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Cryptodnes2024/07/08 09:28

By:Cryptodnes

Metaplanet, a company listed on the Tokyo Stock Exchange and often likened to MicroStrategy, recently announced the acquisition of an additional 42.47 BTC, valued at around 400 million Japanese Yen (approximately $2.3 million).

This announcement came on Sunday following their purchase of ¥200 million in Bitcoin the previous week.

*Metaplanet purchases additional 42.47 $BTC * pic.twitter.com/dPotWszW1Y

— Metaplanet Inc. (@Metaplanet_JP) July 8, 2024

This marks Metaplanet’s fifth Bitcoin purchase in four months, increasing their total holdings to over 203 BTC, worth roughly 2 billion Yen (over $11 million). According to Metaplanet, the average purchase price per Bitcoin is approximately $58,500.

Originally focused on hotel development and real estate, Metaplanet has shifted its investment strategy towards Bitcoin, utilizing it as a reserve asset to mitigate economic challenges in Japan.

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This strategy mirrors a global trend where companies, such as MicroStrategy, adopt Bitcoin as a hedge against economic uncertainty.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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