Tokyo-based listed company Metaplanet 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 bitcoin holder in Asia.
Metaplanet's latest purchase action came after 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, echoing 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 bitcoin reserves. MicroStrategy, along with Palantir Technologies and Axon Enterprise, has been included in the index, which is expected to attract additional funds from exchange-traded funds (ETFs) that track 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 traded company bitcoin holder, with a massive 439,000 bitcoins.
Metaplanet's aggressive bitcoin accumulation strategy began in April 2024, adding 1,150 bitcoins worth $122.67 million to its holdings so far. The company believes that 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 data, despite a significant rise in Metaplanet's stock price, its share price on the Tokyo Stock Exchange closed down 4.24% on Friday, reporting 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 it experienced a larger drop on its first trading day in the U.S. market, closing down 9.96% according to Google Finance data.
The actions of Metaplanet and other companies accumulating bitcoins reflect a broad change in the financial landscape, with institutional interest in digital assets significantly increasing and growing confidence in them as valuable assets for long-term financial security.
"Japan's Metaplanet increases its bitcoin holdings by 9.5 billion yen, bringing total holdings to 1,762 bitcoins" was first published on (Blockkey).
