pwshub.com

Metaplanet doubles down on Bitcoin, acquires additional ¥1 billion worth of BTC

2 weeks ago

'Asia's MicroStrategy' now holds around 506 BTC.

Metaplanet Bitcoin investment visual representation.

Key Takeaways

  • Metaplanet just purchased ¥1 billion in Bitcoin.
  • The firm continues to view Bitcoin as a strategic asset despite market downturns.

Tokyo-listed investment firm Metaplanet announced Tuesday it acquired an additional 107.913 Bitcoin, valued at ¥1 billion (approximately $7 million).

*Metaplanet purchases additional 107.91 $BTC* pic.twitter.com/pPrRBGrJsC

— Metaplanet Inc. (@Metaplanet_JP) October 1, 2024

The latest purchase raises the firm’s total Bitcoin holdings to around 506 BTC, equivalent to around $32 million at Bitcoin’s current prices, Metaplanet stated. The acquisition follows the firm’s ¥300 million Bitcoin purchase last month.

Inspired by MicroStrategy’s Bitcoin playbook, Metaplanet has been actively buying Bitcoin, aiming to use the flagship crypto as a strategic treasury reserve asset in response to Japan’s economic challenges.

Since revealing its Bitcoin strategy, the firm has not passed a month without bagging more coins, regardless of a recent downturn in the Bitcoin market. The company believes its strategy will give domestic investors exposure and help them leverage favorable tax treatment.

Earlier in September, Metaplanet formed a partnership with SBI Group’s crypto investment arm to enhance its Bitcoin trading and custody services. The two entities focus on compliant corporate custody, tax efficiency, and using Bitcoin as collateral.

Disclaimer

Source: cryptobriefing.com

Related stories
1 month ago - Some crypto stocks are mirroring Bitcoin's latest losses since markets opened as the surprise September momentum fades.
1 week ago - The SEC filed yesterday to appeal the $125 million judgment in its case against Ripple though we don’t really know what it will look like.
1 month ago - Metaplanet's continued Bitcoin investments highlight a strategic shift towards cryptocurrency as a hedge against economic instability in Japan. The post Metaplanet buys ¥300 million worth of Bitcoin, now holds nearly 400 BTC appeared...
2 weeks ago - The company's Bitcoin holdings have swelled to $24 million, almost 20% of its $125 million market capitalization, according to BitcoinTreasuries.net.
5 days ago - Metaplanet's latest purchase brings the company's total Bitcoin holdings to 748.502 BTC, reinforcing its long-term bet on the leading crypto.
Other stories
13 minutes ago - The EU's Anti-Money Laundering and Countering the Financing of Terrorism Act comes into play on December 30th 2024.
13 minutes ago - "Bitcoin and crypto will rise as energy prices spike higher," Hayes wrote, if the conflict in the Middle East causes energy prices to rise.
1 hour ago - Bitcoin's surge may trigger a shift towards altcoins, potentially leading to a broader market reversal and increased altcoin investment. The post Bitcoin surpasses $68,000, on track to break record high appeared first on Crypto Briefing.
1 hour ago - Coinbase is pressing forward to challenge the SEC's "already-final, erroneous denials" of its public records request.
1 hour ago - Bitcoin has seen a significant price movement today, reaching a high of $67,803, breaking above a descending falling wedge pattern on the daily chart. While this breakout has captured attention, Bitcoin is yet to close a daily candle...