Metaplanet, a Japanese publicly listed company, It was announced She purchased 38.6 bitcoins for 300 million yen (about $2.2 million), bringing her total holdings to 398.8 bitcoins.
BREAKING: 🇯🇵 Japanese public company Metaplanet buys another 300 million yen worth of shares #Bitcoin pic.twitter.com/xJmnAdDrMG
— Bitcoin Magazine (@BitcoinMagazine) September 10, 2024
This latest Bitcoin acquisition comes after Metaplanet announced in August that it would raise 10.08 billion yen to buy more Bitcoin, part of its broader institutional strategy to allocate funds to Bitcoin.
Metaplanet adopted a pro-Bitcoin investment policy earlier this year and has been steadily accumulating Bitcoin. The company now holds a total of 398.8 BTC, which it purchased for 3.75 billion yen (about $27.6 million).
Metaplanet’s ongoing bitcoin treasury buildup mimics MicroStrategy’s plan, which raised debt to buy bitcoin. Public companies appear to have discovered a model for buying bitcoin.
Other companies pursuing this strategy include Marathon Digital Holdings, which recently raised $250 million through a convertible bond offering to buy more bitcoin, and Semler Scientific, which similarly announced plans to raise more money to buy more bitcoin.
Companies can take advantage of the potential appreciation of Bitcoin by borrowing fiat currency at low interest rates to purchase Bitcoin. This allows public companies to gain exposure to Bitcoin without liquidating existing assets.
Disclaimer: Bitcoin Magazine is wholly owned by BTC Inc., which also operates UTXO Managementa dedicated capital allocation entity focused on the digital asset industry and invested in Metaplanet. UTXO invests in a variety of Bitcoin businesses, and holds significant stakes in digital assets.
Comments are closed, but trackbacks and pingbacks are open.