Metaplanet Expands Bitcoin Holdings with Another $2M Purchase
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
Japanese investment firm Metaplanet has acquired another 38.464 Bitcoin worth approximately 300 million yen ($2 million).
The purchase brings the Tokyo-listed company’s total bitcoin holdings to 398.832 BTC, valued at around 3.75 billion yen ($26 million), the firm disclosed in a statement.
The company’s decision to expand its Bitcoin reserves comes amidst growing confidence in the cryptocurrency.
Bitcoin was trading at $56,732 at the time of writing, a 3.12% increase in the past 24 hours. Earlier in the week, the digital asset had dipped to a low of $52,700.
Metaplanet’s stock responded positively to the news, rising by 4.42% on Tuesday, with shares trading at around 1,086 yen.
The firm’s stock had briefly peaked at 2,000 yen earlier in the day. Meanwhile, the broader Nikkei 225 index remained flat, showing only a 0.02% increase.
The company has been actively increasing its bitcoin holdings since May, when it announced plans to use bitcoin as a strategic treasury reserve.
The move was driven by Japan’s economic challenges, including high government debt, negative interest rates, and a weakening yen.
In addition to its Bitcoin purchase, Metaplanet revealed it will exercise stock acquisition rights, generating 299.7 million yen to fund further bitcoin acquisitions.
The firm also announced a partnership with SBI VC Trade, the crypto subsidiary of SBI Group, to access corporate custody services that optimize tax efficiency and provide potential financing options using bitcoin as collateral.
As reported, Metaplanet has partnered with
Read more on cryptonews.com
