Japanese investment firm Metaplanet has purchased more Bitcoin, bringing its stack to nearly 400 Bitcoin and sending its share price on a 5.9% rally on the Tokyo Stock Exchange.
The firm said on Sept. 10 that it purchased 38.46 Bitcoin (BTC) for $2.1 million (300 million Japanese yen) bringing its total stash to 398.8 Bitcoin — worth $23 million.
It’s Metaplanet’s tenth Bitcoin purchase since its first on April 23, according to Bitcoin Treasuries data.
Metaplanet’s Sept. 10 Bitcoin purchase statement. Source: Metaplanet
Metaplanet is down 13.3% on its total Bitcoin investment, as the cryptocurrency is currently trading at $57,520, up 1.5% over the last 24 hours.
However, its share price is up 480% since it unveiled its Bitcoin investment strategy in early April, MarketWatch data shows.
Metaplanet’s change in share price over the last six months on the Tokyo Stock Exchange. Source: MarketWatch
Metaplanet now boasts the 27th-largest Bitcoin stash among corporations worldwide, including the third most in Asia.
The firm announced in May that it would adopt an “entire range of capital market instruments” to bolster its Bitcoin reserves — similar to MicroStrategy’s playbook.
It followed through on the announcement on Aug. 8 when it secured a $6.8 million (1 billion Japanese yen) loan to buy more Bitcoin.
Metaplanet CEO Simon Gerovich explained at July’s Bitcoin Conference that its Bitcoin strategy aims to provide a hedge against Japan’s worsening debt burden and the fast-depreciating Japanese yen.
“We realized that Bitcoin is the apex monetary asset [and] something great for our treasury to have […] we then made it our stated goal to own and to purchase as much Bitcoin as we can over time.”
Gerovich referred to Metaplanet as a “zombie” company before investing in Bitcoin and credited MicroStrategy’s Michael Saylor for paving the way with corporate Bitcoin adoption.
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