Metaplanet, a publicly listed Japanese investment adviser, has acquired over 20.2 bitcoin (BTC) for $1.2 million as part of its strategy to bolster its cryptocurrency holdings. This purchase aligns with Metaplanet’s previously announced plan to buy an additional $6 million worth of BTC.
Strategic Acquisition
In a statement on its website, the Tokyo-based company revealed the purchase of 200 million yen ($1.2 million) worth of bitcoin. This acquisition increases Metaplanet’s total BTC holdings to 161.3. The company also posted about the purchase on its social media account on platform X shortly after the Tokyo Stock Exchange closed.
Expanding Bitcoin Holdings
Just a week ago, Metaplanet announced its intention to expand its bitcoin holdings significantly. At that time, the company already owned $9 million worth of BTC, the world’s largest cryptocurrency by market cap. This strategy is influenced by the evolving investment environment, which has seen substantial changes due to the Covid-19 pandemic, as noted on the Metaplanet website.
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Mirroring MicroStrategy’s Approach
Metaplanet’s strategy of accumulating bitcoin reflects a similar approach taken by MicroStrategy, a software developer based in Tysons Corner, Virginia. MicroStrategy has been purchasing BTC for nearly four years and now holds over 226,000 BTC, which is more than 1% of the total bitcoin that will ever be issued.
Metaplanet’s shares experienced a 1% increase before the announcement. This rise indicates investor confidence in the company’s strategic move to enhance its cryptocurrency portfolio.
Metaplanet’s recent acquisition of 20.2 BTC is a strategic effort to increase its holdings in the volatile yet promising cryptocurrency market. By committing to a $6 million BTC purchase plan, the company aims to solidify its position and potentially reap significant returns as the global financial landscape continues to evolve post-pandemic.
