Metaplanet, a Japanese public company that started out as a hotel operator, announced that it has bought another 400 million yen ($2.5 million) worth of bitcoin. This continues the company’s strategy of adopting bitcoin as a treasury reserve asset.
BREAKING: 🇯🇵 Japanese public company Metaplanet buys another 400 million yen worth of shares #Bitcoin pic.twitter.com/mT4cPKEcSP
— Bitcoin Magazine (@BitcoinMagazine) July 8, 2024
Despite the Bitcoin market’s downturn, Metaplanet revealed that it acquired an additional 42,466 Bitcoin on July 8. This brings its total holdings to around 203 Bitcoins purchased for 2.05 billion yen ($12.7 million) — at an average price of 10 million yen ($62,000) per coin.
Metaplanet mimics MicroStrategy, an American software company’s strategy for mining bitcoin. Since 2020, MicroStrategy has raised over 200,000 bitcoins, now worth $15 billion, making it the largest company holding the currency.
Its stock price has often mirrored Bitcoin’s volatility, with investors using it as a proxy for Bitcoin exposure.
The Japanese company said buying bitcoin helps reduce exposure to a weak yen amid prolonged low interest rates. The approach also gives domestic investors access to bitcoin through a public company with favorable tax treatment.
The yen has fallen sharply in 2022, falling to its lowest levels against the dollar and euro in decades. The Bank of Japan has maintained a loose monetary policy in contrast to global tightening.
While the amounts are still small so far, the company’s continued purchases demonstrate its commitment even amidst market turmoil. As the “Asia Precision Strategy,” Metaplanet is positioning itself to ride the Bitcoin adoption wave in the future.
Disclaimer: Bitcoin Magazine is wholly owned by BTC Inc., which operates UTXO Managementa dedicated capital allocation entity focused on the digital asset industry. UTXO invests in a variety of Bitcoin businesses, and holds significant stakes in digital assets.
