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Metaplanet Makes Move to Buy More Bitcoin (BTC)

Mon, 1/07/2024 – 7:59

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Japanese publicly traded company Metaplanet Inc. is doubling down on its Bitcoin (BTC) strategy, as the firm just announced a new round of purchases. 

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Metaplanent’s bags bigger now

According to the update, Metaplanent bought a total of 20.195 Bitcoin units for an average of 9,903,440 yen per BTC acquired. This latest tranche was valued at approximately 200 million yen, or $1,242,180.

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Metaplanet started its Bitcoin accumulation strategy earlier this year as it looks to copy from MicroStrategy’s playbook. The company now represents the first listed Asian corporation to fully adopt Bitcoin as its treasury reserve asset.

Metaplanent is now more consistent regarding its Bitcoin accumulation strategy than MicroStrategy. As reported earlier by U.Today, Metaplanet now makes Bitcoin acquisitions almost every other month. 

Following this latest purchase, the firm said it has increased its Bitcoin bag to 161.2677 BTC at an average price of 10,231,438 yen per unit. This brings its total Bitcoin portfolio to a market valuation of 1.65 billion yen, or $10.24 million.

Just like MicroStrategy, Metaplanet also acquired some of the BTC in its portfolio with a debt offering. The firm disclosed that it issued one billion yen in bonds earlier on June 24, with proceeds going into buying more Bitcoin.

More drastic push for Bitcoin

As a relatively bigger company, MicroStrategy’s Bitcoin bets are generally worth more in dollar value; other than that, the efforts of Metaplanet Inc. regarding its BTC strategy are quite bullish.

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In a bid to focus more on Bitcoin, the firm announced it established an offshore subsidiary in the British Virgin Islands (BVI). The BVI entity will help it cater to Bitcoin purchases and other Bitcoin-related businesses, as mentioned in the filing.

With this latest purchase, Metaplanet is notably driving the broader interest in Bitcoin, a trend that other Asian multinationals may embrace in the near future.

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