Metaplanet, a publicly traded Japanese company, has purchased another ¥500 million ($3.7 million) worth of bitcoin. This latest buy comes after the firm secured a ¥1 billion loan last week to acquire Bitcoin.
Metaplanet bought 57.273 bitcoins at an average price of ¥8.73 million per bitcoin. This brings its total Bitcoin holdings to 360.368 bitcoins acquired for ¥3.45 billion ($25.6 million).
Metaplanet first announced plans to raise ¥10.08 billion through a public offering to fund Bitcoin purchases on August 6. A week later, it secured a ¥1 billion loan to buy Bitcoin, which it has now used to purchase over 100 Bitcoin so far.
The Japanese firm is aggressively expanding its Bitcoin reserves by borrowing capital at low interest rates. This mimics the "buy Bitcoin strategy" of MicroStrategy, which since 2020 has sold debt and equity to amass over 226,500 Bitcoin treasury.
Other public Bitcoin buyers raising capital recently include Marathon Digital Holdings, which sold $300 million of convertible notes to buy Bitcoin. Semler Scientific also issued equity and debt partly to purchase Bitcoin.
Metaplanet's series of loans and stock offerings to fund Bitcoin buys illustrates how public companies are utilizing markets to stack sats. With Bitcoin gaining mainstream adoption, firms are treating it as a treasury reserve asset.
Disclaimer: Bitcoin Magazine is wholly owned by BTC Inc., which also operates UTXO Management, a regulated capital allocator focused on the digital assets industry and invested in Metaplanet. UTXO invests in a variety of Bitcoin businesses, and maintains significant holdings in digital assets.