Japanese investment firm Metaplanet acquires an additional $3.4 million in Bitcoin.
Japanese investment firm Metaplanet Inc. has recently expanded its Bitcoin holdings with the acquisition of an additional 57,273 BTC, valued at approximately 500 million yen ($3.4 million). This purchase, announced today, is part of Metaplanet's broader strategy to bolster its cryptocurrency reserves.
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The company, listed on the Tokyo Stock Exchange, revealed that this acquisition concludes a previously announced plan from August 8, where Metaplanet secured a 1 billion yen ($6.8 million) loan specifically for Bitcoin purchases. With this latest transaction, Metaplanet has successfully invested the full amount into Bitcoin, bringing its total Bitcoin assets to 360,368 BTC.
Earlier this year, in May, Metaplanet declared Bitcoin as its primary treasury reserve asset. This strategic shift was driven by economic challenges in Japan, including high levels of government debt, prolonged periods of negative real interest rates, and a weakening yen.
Following the announcement, Metaplanet's stock surged 10.7% on Tuesday morning, peaking near 1,293 yen before settling at 1,192 yen, according to Google Finance. The Nikkei 225 index also saw an increase of 1.7% during the morning trading session. $BTC