Metaplanet, a Japanese publicly traded investment company, An additional 500 million yen was purchased. ($3.4 million) of bitcoin. This brings the company’s total bitcoin holdings to 303, purchased for 2.95 billion yen ($20 million).
BREAKING: 🇯🇵 Metaplanet buys another 500 million yen worth of shares #Bitcoin pic.twitter.com/dfGWwqNBXw
— Bitcoin Magazine (@BitcoinMagazine) August 13, 2024
On August 6, Metaplanet announced plans to raise 10.08 billion yen through a stock rights offering to expand its bitcoin reserves. On August 8, it followed up with a 1 billion yen loan to buy more bitcoin.
The company has aggressively pursued a strategy of accumulating bitcoin this year to strengthen its balance sheet. Metaplanet believes that bitcoin can rise significantly and protect itself against a depreciation of the yen.
The last Bitcoin purchase was for 500 million yen for 57.1 BTC at an average price of 8.8 million yen per Bitcoin. A total of 303 Bitcoin were purchased from Metaplanet for an average price of 9.7 million yen per Bitcoin.
The company is taking a cue from MicroStrategy, which aggressively uses debt and equity to grow its bitcoin holdings. Metaplanet’s stock has soared since it first announced its move to bitcoin in April, though it has recently fallen from its year-to-date highs. The company is positioning itself as a publicly traded proxy for bitcoin exposure in Japan.
Other companies like MicroStrategy, Marathon Digital Holdings, and Semler Scientific are also raising money in debt markets to buy more bitcoin and take advantage of the adoption curve. These smart public companies are using the cheap lending rates of the fiat currency system to accumulate scarce bitcoin.
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.