Japanese investment firm Metaplanet announced that it had increased its stash of Bitcoin assets by buying an additional 57.273 Bitcoin worth about $3.4 million.
The Tokyo-based investment firm now holds about 360.368 Bitcoin assets as it looks to expand its investment in the world’s largest cryptocurrency.
Metaplanet announced the latest purchase in a statement after it disclosed that the purchase comes as part of a plan it announced on August 8 to acquire more bitcoins after securing loans worth $6.8 million.
The statement revealed the amount of Bitcoin being purchased and the quantity of the total Bitcoin stash held by Metaplanet.
“As disclosed in our announcement dated August 8, 2024, regarding the loan and purchase of Bitcoins worth 1 billion yen, we hereby announce that we have purchased an additional 500-million-yen worth of Bitcoins as below.
With this purchase, we have completed the purchase of 1-billion-yen worth of Bitcoins.
Number of Bitcoins Purchased： 57.273 Bitcoins
Average Purchase Price： 8,730,117 yen per Bitcoin
Aggregated Amount Purchased： 500 million yen
Total Bitcoin Holdings： 360.368 Bitcoins
Average Purchase Price： 9,573,556 yen per Bitcoin
Aggregated Amount Purchased： 3.45 billion yen”
In May, Metaplanet announced that it had started acquiring Bitcoin as a strategic treasury reserve asset.
“The move is a direct response to sustained economic pressures in Japan, notably high government debt levels, prolonged periods of negative real interest rates, and the consequently weak yen,” Metaplanet said.
Metaplanet’s stock witnessed a surge in value following its foray into Bitcoin. Metaplanet stock traded 10.7% higher on Tuesday morning currently exchanging hands for $8.14 after surging to a peak of $8.83 according to Google Finance.
Meet MicroStrategy the largest Corporate Bitcoin Holder
- Besides Metaplanet, other corporate entities are also investing in Bitcoin. United States-based MicroStrategy co-founder Michael Saylor is the largest corporate holder of Bitcoin.
- As of August 1, 2024, MicroStrategy owns 226,500 Bitcoin.
- According to Bitcoin Treasuries, the average purchase price of the company’s Bitcoin stash is $35,158 per coin, totalling $7.538 billion.
- Michael Saylor earlier described Bitcoin as the best strategy given the upward surge in MicroStrategy’s stock price since it adopted Bitcoin.
What to Know
- Michael Saylor is a popular Pro Bitcoin figure who strongly believes that Bitcoin has the potential to hit $1 million per coin.
- He was a Keynote speaker at the Bitcoin 2024 conference where he made a strong case on the durability of digital assets and its many advantages over physical assets like gold.
- Investment firms like Blackrock and Fidelity also hold substantial amounts of Bitcoin which they doubled down in buying during the dip a few months ago.