Japanese public company Metaplanet keeps buying Bitcoin for its “strategic treasury reserve asset.”
Japanese investment firm Metaplanet Inc., based in Tokyo, has spent an additional $1.26 million to buy more Bitcoin (BTC), increasing its holdings beyond 200 BTC as the largest cryptocurrency by market capitalization soared above $63,000.
In a regulatory filing, Metaplanet disclosed the acquisition of 21.877 BTC for ¥200 million yen (approximately $1.259 million), averaging $57,623 per BTC. The latest purchase raises the firm’s total Bitcoin reserves in its “strategic treasury reserve” to over 225.6 BTC.
*Metaplanet purchases additional 21.88 $BTC* pic.twitter.com/zCXzKFudog
— Metaplanet Inc. (@Metaplanet_JP) July 16, 2024
You might also like: Japanese yen goes to zero against Bitcoin
The purchase comes just a week after Metaplanet acquired over 40 BTC for ¥400 million (around $2.4 million at the time). The purchases follow Metaplanet’s recent allocation of over $6.2 million for Bitcoin through the issuance of a second series of ordinary bonds issued via EVO FUND, which feature an annual interest rate of 0.5% and are set to mature on June 25, 2025.
Metaplanet’s Bitcoin buying spree began in late June, although the company had already held BTC on its balance sheet prior to this period. In May, Metaplanet announced its intention to increase Bitcoin holdings, citing Japan’s economic challenges, including high government debt, prolonged negative real interest rates, and a “consequently weak yen.”
As crypto.news reported earlier, global financial services group Nomura published in late June the results of a survey conducted alongside Laser Digital, revealing that over 500 investment managers in Japan are considering investing in crypto. The survey also found that about half of the respondents are open to using stablecoins for settlements and daily transactions.
Read more: Sony acquires Amber Japan as its first leap into crypto exchange space
