According to U.Today, Japanese investment adviser Metaplanet has acquired an additional 57.273 BTC for $3.4 million. As of August 20, the company holds approximately $22 million worth of Bitcoin. Earlier this month, Metaplanet secured a loan with an annual interest rate of 0.1% to purchase $6.8 million worth of Bitcoin.
Metaplanet initially adopted Bitcoin as its reserve asset in May, following the strategy of MicroStrategy, a company known for its significant Bitcoin holdings. Before this shift, Metaplanet was a Web3 consulting firm and previously operated low-cost hotels. The decision to pivot to Bitcoin was aimed at protecting the company from the weakening Japanese yen, which has been declining against the US dollar due to the US Federal Reserve's monetary policies. In April, the yen fell to its lowest level against the US dollar since the early 1990s, driven by an unfavorable macroeconomic environment.
Bitcoin advocates have long promoted the cryptocurrency as a hedge against poor monetary policies. MicroStrategy, for instance, initially invested in Bitcoin to protect against inflation and has since become the largest corporate holder of the cryptocurrency, with holdings valued at approximately $13.8 billion. Despite MicroStrategy's success, corporate adoption of Bitcoin remains limited.
