‘Asia’s MicroStrategy’ Metaplanet buys another ¥400 million worth of Bitcoin

Metaplanet, a publicly traded company listed on the Tokyo Stock Exchange and often compared to MicroStrategy, has acquired an additional 42.47 BTC, valued at approximately 400 million Japanese Yen (around $2.3 million), the company shared in a Sunday announcement.

*Metaplanet purchases additional 42.47 $BTC* pic.twitter.com/dPotWszW1Y

— Metaplanet Inc. (@Metaplanet_JP) July 8, 2024

The fresh acquisition came after Metaplanet’s purchase of ¥200 million in Bitcoin last week. The move also marks the company’s fifth Bitcoin purchase over the past four months, bringing its total holdings to over 203 BTC, worth about 2 billion Yen (over $11 million). The average purchase price per Bitcoin stands at around $58,500, according to Metaplanet.

Specializing in hotel development and real estate, Metaplanet has shifted its investment strategy towards Bitcoin, using it as a reserve asset to counteract economic challenges in Japan.

The strategy is in line with a global trend where companies like MicroStrategy are increasingly adopting Bitcoin as a hedge against economic uncertainty.

As of July 7, global public companies hold a collective 324,295 BTC, with MicroStrategy at the forefront, owning 226,331 BTC, which constitutes over half of its market cap, as reported by BitcoinTreasuries.net.

Source