Metaplanet, a Japanese public investment firm, is strengthening its commitment to its long-term investment strategy with a significant purchase of Bitcoin worth millions of dollars.
The firm recently revealed that it has acquired an additional 42.4 Bitcoin (BTC) for ¥400 million ($2.4 million) amidst a challenging period for the crypto market as it struggles to surpass the $60,000 mark. This move is in line with Metaplanet’s strategic decision to hold Bitcoin as a valuable asset in its treasury reserve. With this latest purchase, the firm’s total Bitcoin holdings now exceed 203 BTC.
This acquisition comes after Metaplanet’s recent investment of over $6.2 million in Bitcoin through the issuance of ordinary bonds, which offer an annual interest rate of 0.5% and will mature in 2025. To secure these bonds, Metaplanet has placed a first-priority mortgage on the land and building of Hotel Royal Oak Gotanda, a property owned by its subsidiary, Wen Tokyo Inc.
In response to economic challenges in Japan, including high government debt and weak currency, Metaplanet announced its decision to enter the Bitcoin market in May. In a separate survey conducted by Nomura and Laser Digital, it was revealed that over 500 investment managers in Japan are exploring opportunities in the crypto space, with many considering stablecoins for settlements and daily transactions.
In a noteworthy move, Sony recently made its entry into the crypto exchange industry by acquiring Amber Japan, signaling a growing interest in digital assets among traditional financial institutions.