Metaplaneta Japanese publicly traded company that started out as a hotel operator, announced that it purchased another ¥400 million ($2.5 million) in Bitcoin. This continues the company’s strategy of adopting Bitcoin as a treasury reserve asset.
JUST IN: 🇯🇵 Japanese listed company Metaplanet acquires another ¥400 million in #Bitcoin photo.twitter.com/mT4cPKEcSP
— Bitcoin Magazine (@BitcoinMagazine) July 8, 2024
Despite the slumping Bitcoin market, Metaplanet revealed that it acquired an additional 42,466 Bitcoin on July 8. This brings its total holdings to approximately 203 Bitcoin purchased for ¥2.05 billion ($12.7 million) — an average price of ¥10 million ($62,000) per coin.
Metaplanet imitates MicroStrategythe US software company’s Bitcoin accumulation strategy. Since 2020, MicroStrategy has accumulated over 200,000 Bitcoin, now worth $15 billion, making it the largest corporate holder.
The stock price often reflects Bitcoin’s fluctuations, with investors using this as an indication of their exposure to Bitcoin.
The Japanese The company said buying Bitcoin helps minimize exposure to the weakening yen amid persistently low interest rates. The approach also gives domestic investors access to Bitcoin through a publicly traded company with favorable tax treatment.
The yen has fallen dramatically in 2022, falling to decades-long lows against the dollar and euro. The Bank of Japan has maintained loose monetary policy in contrast to global tightening.
While the amounts remain small so far, the continued purchases show dedication, even amid market turbulence. As “Asia’s MicroStrategy,” Metaplanet is positioning itself to ride future waves in Bitcoin adoption.
Disclaimer: Bitcoin Magazine is wholly owned by BTC Inc., which UTXO managementa regulated capital allocator focused on the digital asset industry. UTXO invests in several Bitcoin companies and has significant holdings in digital assets.