Metaplanet, one of Japan’s publicly traded investment companies, announced on August 13 that it has increased its Bitcoin reserves. The company made a significant addition to its portfolio by purchasing 57,103 BTC. This purchase came on the heels of Metaplanet’s previous loan to purchase 1 billion Japanese yen worth of Bitcoin. The total value of the newly purchased Bitcoins is estimated at approximately 500 million yen ($3.3 million), with an average unit price of 8,756,107 yen.
Metaplanet, known as “Asia’s MicroStrategy,” has accelerated its Bitcoin purchase this year by taking advantage of low interest rates in Japan. The company used a ¥1 billion loan with a 0.1% interest rate to buy Bitcoin, and still has a budget of ¥500 million after the last purchase. With this move, Metaplanet’s total Bitcoin holdings have reached 303,095 BTC, worth ¥2.95 billion.
The company adopts a strategy of investing in global markets using the low interest rates of the Japanese Yen. This approach is considered one of the effective use cases of Japanese Yen carry trades. However, Metaplanet's stock, which is traded on the Tokyo Stock Exchange, fell by 5.80% after this announcement. The stock price had increased by over 600% during the balancing period of the company's Bitcoin investments.
Competing with MicroStrategy
Metaplanet’s strategic move to buy Bitcoin suggests that it is following MicroStrategy’s similar practices. The competition between the two companies is expected to increase in the future. In addition, other companies such as Marathon Digital and Selmer Scientific have also started to adopt MicroStrategy’s BTC adding strategies. MicroStrategy recently announced plans to raise $2 billion to support its Bitcoin purchases. The company aims to raise these funds by selling MSTR Class A shares. Currently holding 226,500 BTC, MicroStrategy’s Bitcoin investments are worth around $14 billion, depending on market fluctuations.
Bitcoin and Market Situation
Bitcoin’s current price is trading at $58,937, up 1% over the last 24 hours. The low and high levels for the day were set at $57,860 and $60,680, respectively. However, an analysis suggests that a death cross has formed on the Bitcoin chart, posing a potential risk of a price crash.
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