Metaplanet, a publicly-listed investment and consulting firm in Japan, is ramping up its Bitcoin investment despite a dip in BTC prices by injecting more capital into purchasing the cryptocurrency. On July 7, Metaplanet officially announced the acquisition of 42,466 bitcoins for 400 million Japanese yen ($2.5 million), bringing their total BTC holdings to 203,734. This move follows their initial Bitcoin purchase in April 2024, where they bought their first batch for $6.5 million. Termed as 'Asia's MicroStrategy,' Metaplanet's aggressive Bitcoin buying mirrors MicroStrategy's approach in 2020. The company's stock price surged by 90% post the announcement but later dipped due to Bitcoin's price decline. Despite the setback, Metaplanet's stock is still trading 344% higher than at the start of 2024. To fund further Bitcoin purchases, Metaplanet plans to issue 1 billion yen ($6.26 million) worth of bonds, similar to MicroStrategy's strategy of convertible note raises for Bitcoin investments. Read more AI-generated news on: https://app.chaingpt.org/news