Metaplanet Inc., a publicly traded Japanese company, continues to add to its Bitcoin holdings as part of its “strategic treasury reserve asset.” The Tokyo-based investment firm recently spent an additional $1.26 million to purchase more Bitcoin, bringing its total holdings to over 200 BTC. This move comes as the price of Bitcoin reached new heights, surpassing $63,000 in market capitalization.
In a regulatory filing, Metaplanet revealed that it acquired 21.877 BTC for ¥200 million yen (approximately $1.259 million), averaging $57,623 per BTC. This latest purchase brings the company’s total Bitcoin reserves in its strategic treasury reserve to over 225.6 BTC.
This recent acquisition follows Metaplanet’s previous purchase of over 40 BTC for ¥400 million (around $2.4 million) just a week ago. These purchases were made after the company allocated over $6.2 million for Bitcoin through the issuance of a second series of ordinary bonds via EVO FUND. These bonds carry an annual interest rate of 0.5% and will mature on June 25, 2025.
Metaplanet’s interest in Bitcoin began in late June, although the company already held BTC on its balance sheet prior to that. In May, the company announced its intention to increase its Bitcoin holdings due to Japan’s economic challenges, such as high government debt, prolonged negative real interest rates, and a weak yen as a result.
A recent survey conducted by global financial services group Nomura and Laser Digital revealed that over 500 investment managers in Japan are considering investing in cryptocurrencies. The survey also found that approximately half of the respondents are open to using stablecoins for settlements and daily transactions.
In other news, Sony has made its first foray into the cryptocurrency exchange space by acquiring Amber Japan.