Metaplanet, a publicly traded Japanese company known for its steady accumulation of Bitcoin, recently acquired an additional 500 million yen worth of Bitcoin (BTC). The company’s CEO Simon Gerovich broke the news on the X platform.
Always be stacking#Bitcoin@Metaplanet_JP pic.twitter.com/c34goVoLa8
— Simon Gerovich (@gerovich) August 13, 2024
According to information released by Simon Gerovich, CEO of Japanese listed company Metaplanet, the company recently acquired another 500 million yen worth of Bitcoin (BTC). The acquisition brings Metaplanet’s Bitcoin holdings to approximately 303, with a total value of nearly $18 million.
The acquisition comes after the company announced last week that it had secured a loan worth 1 billion yen, which will be used specifically to purchase Bitcoin. Metaplanet also revealed plans to raise approximately $70 million through a stock option offering and use approximately $58 million of that to further invest in Bitcoin.
Metaplanet’s continued investment demonstrates the company’s commitment to Bitcoin as a financial reserve asset, with the company viewing Bitcoin as a strategic long-term investment and a hedge against the devaluation of the yen and Japan’s high government debt. Metaplanet aims to provide domestic investors with investment opportunities in Bitcoin while taking advantage of favorable tax treatment. The company’s stock has risen more than 200% since it first disclosed its Bitcoin acquisition in April this year.
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