Bitcoin
Metaplanet makes move to buy more Bitcoin (BTC)
Godfrey Benjamin
Metaplanet kicks off July with 200 million yen Bitcoin (BTC) purchase
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Publicly traded Japanese company Metaplanet Inc. is doubling down on its Bitcoin (BTC) strategy as the company has just announced a new round of shopping.
Metaplanent bags are now bigger
According to the update, Metaplanent purchased a total of 20,195 units of Bitcoin for an average of 9,903,440 yen per BTC purchased. This latest tranche was valued at approximately 200 million yen, or $1,242,180.
Metaplanet began its Bitcoin accumulation strategy earlier this year as it seeks to copy MicroStrategy’s playbook. The company now represents the first listed Asian corporation to fully adopt Bitcoin as its treasury reserve asset.
Metaplanent is now more consistent about its Bitcoin accumulation strategy than MicroStrategy. As reported Previously reported by U.Today, Metaplanet now makes Bitcoin acquisitions nearly every two months.
Following this latest purchase, the company said it has increased its Bitcoin holdings to 161.2677 BTC at an average price of 10,231,438 yen per unit. This brings its total Bitcoin portfolio to a market valuation of 1.65 billion yen, or $10.24 million.
Like MicroStrategy, Metaplanet also acquired some of the BTC in its portfolio through a debt offering. The company disclosed that issued one billion yen in bonds early on June 24, with the proceeds going toward purchasing more Bitcoin.
Another drastic boost for Bitcoin
As a relatively larger company, MicroStrategy’s bets on Bitcoin are generally worth more in dollar value; Other than that, Metaplanet Inc.’s efforts regarding its BTC strategy are quite bullish.
In a bid to focus more on Bitcoin, the company announced that it has established an offshore subsidiary in the British Virgin Islands (BVI). The BVI entity will help service Bitcoin purchases and other Bitcoin-related businesses, as mentioned in the filing.
With this latest purchase, Metaplanet is notably boosting broader interest in Bitcoin, a trend that other Asian multinationals may adopt in the near future.
About the author
Godfrey Benjamin
Godfrey Benjamin is a seasoned crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was born when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey’s articles have been featured on Blockchain.news, Cryptonews, and Coingape, among others.