Germany Sells Bitcoin, Japan Buys: The Giant Company Has Taken Action Again

Japan-based investment firm Metaplanet continues Bitcoin (BTC).

In the X post made by Metaplanet on July 8, it was stated that 42.4 BTC worth $2.48 million was added to the company's balance sheet. With the latest purchase, the number of Bitcoins held by Metaplanet increased to 203.7.

The company announced on July 1 that it purchased 20,195 Bitcoins for 200 million yen ($1.24 million). The company spent a total of 2.05 billion yen ($12.4 million) to purchase them. The average cost per Bitcoin was 10.06 million yen ($62,464).

They turned to Bitcoin to avoid Japanese Yen risk

Metaplanet started investing in Bitcoin in April to avoid the risks of the Japanese yen. The company officially recognized Bitcoin as a reserve asset in May.

In the statement in May, it was stated that "This step was taken as a reaction to the economic pressures in Japan, especially the high public debt in Japan, the fact that interest rates have remained negative for a long time and the yen's loss of strength as a result."

The ratio of public debt to gross domestic product (GDP) in Japan reached over 250% last year.

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