A lesser-known Japanese investment firm,
A lesser-known Japanese investment firm, Metaplanet, which gained attention for its Bitcoin investments, has recently purchased more of the largest cryptocurrency. Metaplanet, which trades on the Tokyo Stock Exchange, announced on Monday that it had bought 619.7 Bitcoin for a total of 9.5 billion yen ($60.5 million), marking its largest single purchase of the digital currency.
The company had only announced
The company had only announced last week that it would accelerate its Bitcoin buys by issuing debt. As of Monday, Metaplanet owned 1,761.98 Bitcoin, equivalent to over $164 million at today’s prices. The firm is emulating the model established by American software company MicroStrategy, which began buying Bitcoin in 2020 as a strategy to provide shareholders with the best value for money.
MicroStrategy now holds 444,262 BTC,
MicroStrategy now holds 444,262 BTC, valued at over $41 billion, following its latest purchase. The company works to securitize Bitcoin, buying the asset and allowing investors to gain exposure to it through its Nasdaq-listed shares. However, not everyone with exposure to Metaplanet in Japan may be pleased with the firm copying MicroStrategy: The company’s stock fell significantly last week on news that it would become a “Bitcoin treasury” with a “responsibility as a pioneer in the country’s Bitcoin ecosystem.”
Bitcoin is currently trading for $92,625 per coin, a more than 3% drop over 24 hours and a 13% fall over a seven-day period, according to CoinGecko data.
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