Metaplanet is back on the market! Spend 200 million yen to increase holdings of 20 Bitcoins, bringing total holdings to 161.3

Japanese listed company Metaplanet announced today (July 1) that it has purchased another 200,195 Bitcoins worth 200 million yen in recent days. Showing the company’s continued strong interest in Bitcoin. This move is part of the company’s investment strategy, and the total number of Bitcoins currently held by Metaplanet has reached approximately 161.3.

*Metaplanet purchases additional 20.20 $BTC* pic.twitter.com/4tCRWAc2an

— Metaplanet Inc. (@Metaplanet_JP) July 1, 2024

Bitcoin’s value has risen nearly 3% in the past 24 hours, trading above the $63,000 mark, according to CoinMarketCap. As a result, the entire cryptocurrency market capitalization surged 2.13% to $2.32 trillion. Metaplanet joins other major global companies such as Microstrategy in adding significant amounts of Bitcoin to their portfolios. The diversification into the cryptocurrency market is part of its broader strategy to hedge against economic uncertainty.

Blockchain previously reported that Metaplanet issued an announcement on the 24th of last month announcing that after discussion by the board of directors, the company decided to issue 1 billion yen (approximately US$6.26 million) in bonds to raise funds to increase its holdings of Bitcoin, following the example of MicroStrategy. The practice of using market capital to increase purchases of Bitcoin. Metaplanet revealed that it purchased 20.195 Bitcoins for a total amount of 200 million yen (approximately $1.24 million), at an average price of 9,903,441 yen (approximately $61,492). Metaplanet currently holds a total of 161.3 rods of Bitcoin (approximately $10.1 million), with an average price of 10.2 million yen (approximately $63,326) per Bitcoin.

Notably, Metaplanet has turned its attention to Bitcoin amid the continued depreciation of the yen. Last week, the fiat currency fell to 160.8 yen to the dollar, its lowest level since 1986. As of this writing, USD/JPY trades at 161.10 yen. As the yen continues to weaken, more companies may start to consider Bitcoin as an alternative, as Japan offers a crypto-friendly atmosphere and begins to solidify itself as an emerging Web3 hub.

〈Metaplanet is back on the market! Spend 200 million yen to increase holdings of 20 Bitcoins, bringing the total holdings to 161.3. This article was first published on "Blocker".