‘Asia’s MicroStrategy’ Metaplanet makes a significant move by acquiring ¥500 million worth of Bitcoin
Metaplanet, a Japanese public company, has recently made headlines for its consistent accumulation of Bitcoin. In a recent announcement on X, Simon Gerovich, the company’s CEO, stated that Metaplanet has acquired an additional ¥500 million worth of Bitcoin (BTC).
Always be stacking #Bitcoin @Metaplanet_JPpic.twitter.com/c34goVoLa8
— Simon Gerovich (@gerovich) August 13, 2024
With this latest acquisition, Metaplanet’s total Bitcoin holdings now amount to approximately 303 BTC, valued at nearly $18 million. This move comes just a week after the company secured a ¥1 billion loan dedicated solely to purchasing Bitcoin.
Moreover, Metaplanet has announced plans to raise approximately $70 million through a stock rights offering, with around $58 million earmarked for further Bitcoin investments.
Despite recent market volatility in the Bitcoin space, Metaplanet remains steadfast in its commitment to using the cryptocurrency as a treasury reserve asset. The company aims to provide local investors with exposure to Bitcoin while capitalizing on favorable tax treatment.
Inspired by MicroStrategy, a prominent US software firm renowned for its sizable Bitcoin investments, Metaplanet views Bitcoin as a strategic long-term investment and a hedge against the yen’s depreciation and Japan’s high government debt.