Japanese investment firm Metaplanet has once again demonstrated its bullish stance on Bitcoin. The firm has purchased an additional 21.88 BTC worth over $1.2 million.
This latest acquisition, made as Bitcoin’s price approached the $65,000 mark, brings the company’s total holdings to 225.6 BTC. The value of the current holdings stands at $14.6 million.
Is Metaplanet Asia’s MicroStrategy?
Metaplanet’s aggressive Bitcoin accumulation strategy has earned it the moniker “Asia’s MicroStrategy” for its corporate Bitcoin investments. The Japanese firm’s approach mirrors that of MicroStrategy, utilizing various capital market instruments to increase its Bitcoin reserves.
This recent purchase, coupled with Bitcoin’s price increase yesterday, had an impact on Metaplanet’s stock performance. The company’s shares surged 9.6% in early trading on the Tokyo Stock Exchange on July 16.
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Metaplanet’s Bitcoin journey began in earnest on April 9, 2024, when it unveiled its cryptocurrency investment strategy. Since then, the company’s stock price has skyrocketed nearly sixfold.
The firm’s rationale for embracing Bitcoin extends beyond mere profit-seeking. Metaplanet cites concerns over Japan’s mounting debt burden and the rapidly depreciating yen as key motivators for its crypto-centric approach.
By hedging with Bitcoin, the company aims to protect its assets against potential economic instability.
Metaplanet has diligently used the recent price dip to accumulate Bitcoin. More corporate institutions are also getting their hands on Bitcoin. According to CoinGecko data, Metaplanet is the 21st largest Bitcoin holder in the public company sector.
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Also Read: Bitcoin Alert: Mt. Gox Moves 44,527 BTC Worth $3 Billion
