Metaplanet Acquires BTC: The Company Strengthens Bitcoin Holdings
The Tokyo-listed company Metaplanet Inc., well-known for its aggressive Bitcoin ventures, revealed on Friday that it had paid ¥1 billion (US$6.5 million) to purchase an extra 108.999 Bitcoin. With this most recent acquisition, the company’s total Bitcoin holdings now stand at 748.502 BTC, strengthening its long-term investment in the top cryptocurrency. As reported by Peter Chung, Head of Research at Presto Labs, the company uses a complex strategy to earn additional profit by selling put options in addition to its Bitcoin acquisitions.
Metaplanet’s strategy allows them to bottom-fish in case the BTC price declines, a level of sophistication not commonly seen among other companies,
Chung
Metaplanet Grows Bitcoin Portfolio to $46.8M, Rides Stock Surge Amid Strategic Purchases
Its total investment in Bitcoin is now ¥6.9 billion (US$46.8 million) after this Friday’s transaction, which comes after earlier purchases made this month. With Bitcoin valued at $60,420, the corporation has now amassed 748.502 BTC, or almost $45.2 million.
Metaplanet is now one of the three Asia-based public companies buying Bitcoin for their treasury, along with Nexon and Meitu,
Chung
The company is profiting from the Japanese yen‘s recent surge versus the US dollar, he added. In April 2024, Metaplanet started its initial Bitcoin buying frenzy. When the 13-year-old company’s leadership presented investing in Bitcoin as the best thing they could do for their shareholders, the stock price of the company shot up from ¥190 (US$1.32) to a height of ¥1,008 (US$7.01). However, according to data, the stock has since dropped to $6.40.
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