In a strategic move, Japanese investment adviser Metaplanet has purchased over 20.2 Bitcoin (BTC) as part of its ongoing plan to increase BTC holdings within its treasury. Notably, the Japanese company in a strategy that mirrors those of MicroStrategy is on an acquisition spree.
According to the communication sent to investors, Metaplanet stated that the 20.195 Bitcoins purchased were at an average price of 9,903,441 yen per BTC.
Metaplanet’s Strategic Bitcoin Purchase
As per the communication, the Tokyo-based firm’s investment of 200 million yen, the equivalent of $1.2 million worth of Bitcoin, brings its cumulative holdings to 161.3 BTC. This announcement was also shared on Metaplanet’s social media platform X, immediately after the close of trading on the Tokyo Stock Exchange.
In a similar announcement to investors about a week ago, Metaplanet revealed its intention to expand its Bitcoin reserves by purchasing an additional $6 million worth of BTC. When summed up with its initial $9 million holdings in Bitcoin, the total comes up to $15 million.
Metaplanet Parallels MicroStrategy
Notably, Metaplanet had informed investors of its decision to embrace Bitcoin. In a bid to ensure proper management and enhance its strategies in Bitcoin acquisition, Metaplanet recently established a wholly-owned subsidiary in the British Virgin Islands (BVI).
The decision to hedge its funds with the digital asset according to information on Metaplanet’s website, follows the shift in investment dynamics post-COVID. Metaplanet, often dubbed the “MicroStrategy of Japan” seems to be adopting the playbook of the Michael Saylor-led company.
Saylor, a Bitcoin enthusiast, is always bullish on the digital asset and once remarked, “If it is not Bitcoin, your money is melting.” A statement to his general disposition towards fiat currency and investment in particular.
MicroStrategy’s Bitcoin Strategy
MicroStrategy has been purchasing BTC for nearly four years and its total Bitcoin surpasses the holding of countries including the United States. As per data, MicroStrategy now holds over 226,331 BTC, representing more than 1% of the total Bitcoin that will ever be issued.
Market watchers note that Metaplanet’s consistency in these Bitcoin acquisitions since its venture into the space buttresses its commitment to integrating BTC into its investment portfolio. Thus, joining the broader trend among companies and private individuals leveraging the cryptocurrency as a hedge against economic uncertainties.
The post Metaplanet Acquires 20.2 Bitcoin To Double Down On Its Strategy appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.
