Metaplanet Increases Bitcoin Holdings with $1.2 Million Purchase

Metaplanet (3350), a publicly traded Japanese investment adviser, has acquired over 20.2 bitcoin (BTC) as part of a $6 million initiative to enhance its BTC holdings in its treasury.

In an announcement on its website, the Tokyo-based firm disclosed the purchase of 200 million yen ($1.2 million) worth of bitcoin, bringing its total holdings to 161.3 BTC.

*Metaplanet purchases additional 20.20 $BTC* pic.twitter.com/4tCRWAc2an

— Metaplanet Inc. (@Metaplanet_JP) July 1, 2024

This statement was also shared on its account on the social media platform X shortly after the Tokyo Stock Exchange closed.

A week prior, the company had announced its intention to expand its Bitcoin holdings by acquiring an additional $6 million worth of BTC. At that time, it already possessed $9 million in Bitcoin, the largest cryptocurrency by market cap.

According to Metaplanet’s website, the decision to focus on Bitcoin was influenced by changes in the investment landscape due to the Covid pandemic.

This strategy of accumulating Bitcoin is similar to the approach adopted by MicroStrategy, a software developer based in Tysons Corner, Virginia.

MicroStrategy has been purchasing BTC for nearly four years and now holds over 226,000 BTC, which accounts for more than 1% of the total Bitcoin that will ever be issued.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.