- August 20, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Tokyo-listed Metaplanet said it increased its Bitcoin holdings with the additional purchase of 57.273 BTC for ¥500 million (around $3.4 million), according to an Aug. 20 statement.
This brings the firm’s total Bitcoin holdings to 360.368 BTC, worth ¥3.45 billion, equivalent to more than $23 million.
The Bitcoin investment firm stated that the latest purchase completes its Aug. 8 announcement to acquire ¥1 billion worth of the flagship digital asset through a loan sourced from MMXX Ventures Limited.
Despite this significant purchase, Metaplanet has revealed plans to raise an additional $70 million for further acquisitions. Of this amount, $58.76 million is earmarked for more Bitcoin purchases.
Metaplanet Bitcoin
Over the past months, Metaplanet has aggressively acquired Bitcoin as part of its strategy to adopt the digital asset as a key treasury reserve asset. The firm attributed this shift to economic challenges in Japan, including a weakening yen.
The firm also explained that it was considering potential future business ventures within the BTC ecosystem, adding that it could generate additional income from its Bitcoin holdings by selling covered calls on the flagship digital assets.
According to its website:
“Metaplanet [is also offering] specialized consulting services to assist businesses in adopting Bitcoin. The company provides strategic guidance to maximize potential within existing corporate frameworks and oversees comprehensive corporate reorganizations.”
This approach mirrors the strategy of MicroStrategy, the largest Bitcoin holder globally. The Michael Saylor-led company owns over 220,000 BTC, valued at over $13 billion.
Notably, Metaplanet’s Bitcoin pivot appears to be having an impact. Google Finance data shows a 643% year-to-date increase in Metaplanet’s stock price since adopting Bitcoin. As of press time, the stock has risen over 10% to ¥1,193 ($8.11).
The post Metaplanet bolsters Bitcoin holdings with additional 57 BTC appeared first on CryptoSlate.
