Metaplanet, ‘Asia’s Microstrategy’ Purchases 500 Million Yen Worth of Bitcoin

By Crypto Gloom On Aug 13, 2024

Key Contents

Metaplanet purchased 500 million yen worth of Bitcoin, with a total purchase volume of approximately 303 BTC.
The company uses Bitcoin to minimize its exposure to a weak yen.

Metaplanet, a Japanese listed company known for its steady accumulation of Bitcoin, has acquired an additional 500 million yen worth of Bitcoin (BTC), the company’s CEO Simon Jerovich revealed in a recent post on X.

Always stack up #bitcoin @metaplanet_JP pic.twitter.com/c34goVoLa8

— Simon Gerovich (@gerovich) August 13, 2024

The latest acquisition brings Metaplanet’s total Bitcoin holdings to around 303 BTC, worth around $18 million. The move comes after the company announced last week that it had secured a 1 billion yen loan dedicated solely to buying Bitcoin.

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Metaplanet also said it plans to raise about $70 million through a stock offering and allocate about $58 million to additional investments in Bitcoin.

Despite the recent downturn in the Bitcoin market, Metaplanet’s continued investment reflects its commitment to using this flagship cryptocurrency as a treasury reserve asset. The company aims to provide domestic investors with Bitcoin exposure while enjoying favorable tax treatment.

Metaplanet’s Bitcoin strategy is inspired by that of MicroStrategy, a major US software company known for its significant Bitcoin investments. Metaplanet sees Bitcoin as a strategic long-term investment and a hedge against the depreciation of the yen and Japan’s high government debt.