Japan’s Metaplanet buys $3.4 million more in bitcoin to total 360 BTC
Quick Take
- The Tokyo-listed firm said that it bought another 57.273 bitcoin.
- This purchase brings its total bitcoin holdings to 360.368 BTC.
Japanese investment firm Metaplanet Inc. announced today that it purchased an additional 57.273 bitcoin worth about 500 million yen ($3.4 million), as the company continues to accumulate the world’s largest cryptocurrency.
The Tokyo-listed firm disclosed in a statement that the latest purchase comes as part of the plan it announced on Aug. 8 after it secured a 1 billion yen ($6.8 million) loan to buy more bitcoin.
“With this purchase, we have completed the purchase of 1 billion yen worth of bitcoin,” the company said. This brings its total bitcoin holdings to 360.368 bitcoin, according to the statement.
In May, the company said that it had started to adopt bitcoin as its strategic treasury reserve asset. “The move is a direct response to sustained economic pressures in Japan, notably high government debt levels, prolonged periods of negative real interest rates, and the consequently weak yen,” the firm said at the time.
Metaplanet’s stock traded 10.7% higher on Tuesday morning, currently changing hands at 1,192 yen after reaching a high of around 1,293 yen, according to Google Finance. The stock is still trading in the morning session. The Nikkei 225 index is up 1.7% so far this morning.
Meanwhile, Michael Saylor-led MicroStrategy is the largest corporate bitcoin holder, owning 226,500 BTC, according to BitcoinTreasuries data. This record is followed by Marathon Digital with 25,000 BTC.
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