A relatively unknown Japanese investment firm, Metaplanet, which gained attention for its purchases of Bitcoin, has recently acquired more of the popular cryptocurrency. Metaplanet, listed on the Tokyo Stock Exchange, announced on Monday that it had purchased 619.7 Bitcoin, totaling 9.5 billion yen ($60.5 million) – its largest individual investment in the digital currency.
Just last week, Metaplanet stated its intention to increase its Bitcoin holdings by issuing debt. As of Monday, the company now owns 1,761.98 Bitcoin, which is valued at over $164 million based on today’s prices.
Metaplanet is following the example set by American software company MicroStrategy, which began purchasing Bitcoin in 2020 as a strategy to provide the best value for its shareholders. MicroStrategy currently holds 444,262 BTC, with a value exceeding $41 billion, following its most recent purchase. MicroStrategy secures Bitcoin by purchasing the asset and allowing investors to gain exposure to it through its shares listed on the Nasdaq.
However, not all stakeholders of Metaplanet in Japan may be pleased with the company’s decision to emulate MicroStrategy. Last week, the company’s stock experienced a significant decline after news broke that it would become a “Bitcoin treasury” and take on the responsibility of being a pioneer in the country’s Bitcoin ecosystem.
According to CoinGecko data, Bitcoin is currently trading at $92,625 per coin, representing a decrease of over 3% in the past 24 hours and a 13% decline over the past seven days.
Edited by Andrew Hayward.