Metaplanet Inc Continues Bitcoin Buying Spree, Partnering with SBI VC Trade for Custody
Metaplanet Inc– Japanese investment firm Metaplanet Inc. announced today the acquisition of an additional 38.464 bitcoin, valued at approximately 300 million yen ($2 million). This new purchase underscores Metaplanet’s continued optimism towards Bitcoin, the world’s largest cryptocurrency.
Total Bitcoin Holdings Surpass $26 Million
Following this acquisition, Metaplanet’s total Bitcoin holdings now amount to 398.832 bitcoin, equivalent to about 3.75 billion yen ($26 million). This significant increase reflects the firm’s strategic commitment to Bitcoin as part of its financial strategy.
Bitcoin Price Update and Market Impact
As of the latest data, Bitcoin has risen 3.12% over the past 24 hours, trading at $56,732. This recovery follows a recent dip to approximately $52,700 earlier this week. This positive price movement has likely influenced Metaplanet’s latest purchase decision.
Metaplanet’s Stock Performance and Strategic Moves
Metaplanet’s stock experienced a 4.42% increase on Tuesday, trading around 1,086 yen after peaking at 2,000 yen earlier in the day. In contrast, the Nikkei 225 index remained relatively stable, showing a slight 0.02% increase.
The company has been actively buying Bitcoin in recent months, initially announcing its strategic adoption of Bitcoin as a treasury reserve asset in May. This decision is attributed to Japan’s economic challenges, including high government debt, negative real interest rates, and a weakening yen.
Upcoming Stock Acquisition Rights and Strategic Partnerships
On Monday, Metaplanet revealed plans to exercise the 11th series of stock acquisition rights, raising 299.7 million yen. The company intends to use these funds for further Bitcoin purchases. Additionally, Metaplanet has partnered with SBI VC Trade, a subsidiary of the SBI Group, to access compliant corporate custody services and explore the potential use of Bitcoin as collateral for financing.
Corporate Bitcoin Holdings Leaderboard
Currently, MicroStrategy, led by Michael Saylor, remains the largest corporate Bitcoin holder with 226,500 BTC, according to BitcoinTreasuries data. Following MicroStrategy is Marathon Digital, with 25,000 BTC.
FAQs
What recent action did Metaplanet Inc. take regarding Bitcoin?
Metaplanet Inc. recently purchased an additional 38.464 Bitcoin, valued at approximately 300 million yen ($2 million). This acquisition brings their total Bitcoin holdings to 398.832 Bitcoin, or around 3.75 billion yen ($26 million).
Why did Metaplanet decide to buy more Bitcoin?
Metaplanet’s decision to increase its Bitcoin holdings is part of its strategy to use Bitcoin as a strategic treasury reserve asset. This move is aimed at countering economic pressures in Japan, including high government debt levels, prolonged periods of negative real interest rates, and a weak yen.
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