The publicly listed company Metaplanet, headquartered in Tokyo, purchased 619.7 bitcoins for 9.5 billion yen (approximately 65 million USD), increasing its total holdings to 1,761.98 bitcoins. The company adopts a strategy of accumulating and managing bitcoins with the goal of long-term appreciation and becoming the largest holder of bitcoin in Asia.
Metaplanet's latest purchasing action follows its recent issuance of 9.5 billion yen in zero-interest bonds, which will mature on June 16, 2025. This move indicates a growing corporate interest in cryptocurrencies in the Asian market, mirroring trends in the U.S. market.
In related developments, MicroStrategy has joined the Nasdaq 100 index after its stock price soared 550% due to its 41 billion USD bitcoin reserves. MicroStrategy was included in the index alongside Palantir Technologies and Axon Enterprise, expected to attract additional funds from exchange-traded funds (ETFs) tracking the index.
The increasing bitcoin investments by large companies like MicroStrategy and Metaplanet highlight the potential of cryptocurrencies as a store of value and a hedge against traditional financial assets. MicroStrategy still holds the title of the largest publicly listed company bitcoin holder, with a substantial 439,000 bitcoins.
Metaplanet's aggressive bitcoin accumulation strategy began in April 2024 and has so far added 1,150 bitcoins to its holdings, valued at 122.67 million USD. The company believes bitcoin has value due to its limited supply and lack of government control. This new bond plan is part of Metaplanet's broader strategy to solidify its position in the digital asset market.
According to Yahoo Finance, despite a significant rise in Metaplanet's stock price, its share price on the Tokyo Stock Exchange closed down 4.24% on Friday, at 3,610 yen. However, the company's stock price has surged nearly 2,253% year-to-date.
Metaplanet's stock also began trading on the U.S. OTCQX market on Thursday, but its first trading day in the U.S. market saw a larger decline, closing down 9.96% according to Google Finance.
Metaplanet's actions, along with those of other companies accumulating bitcoin, reflect a broader change in the financial landscape, with institutional interest in digital assets significantly increasing, as well as growing confidence in their value as a long-term financial security.
