This Japanese company added another million dollars in Bitcoin to its reserves

Metaplanet Bitcoin
  • Japan-based Metaplanet added $1.5 million worth of Bitcoin to its reserves
  • Public company bought Bitcoin last month and is accumulating as part of new strategy
  • He now owns 161.3 BTC worth approximately USD $10 million.

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Metaplanet, a Japan-based investment company, is confident in its Bitcoin bet.

After making a similar purchase last month, Metaplanet has added bitcoins to its reserves again as part of a $6 million strategy to increase Bitcoin (BTC) holds in its treasury.

In a statement posted on its website, the Tokyo-based company reported that it acquired 200 million yen ($1.2 million) worth of bitcoin, bringing its total holdings to 161.3 BTC for an approximate current value of USD $10 million. 

The company had already announced its first investment in Bitcoin in early April as part of a new strategy to adopt the world’s largest and oldest cryptocurrency as a main component of its treasury assets. Since then, Metaplanet has made three other investments, including the most recent one.

A week ago, the Japanese firm had already indicated that it planned to further increase its bitcoin holdings by another $6 million, with the justification that its “ basic policy is to hold Bitcoin for the long term .” The funds for the purchase are being raised from a bond issue that took place last week.

The Bitcoin investment strategy of Metaplanet, which lists its shares on the Tokyo Stock Exchange, echoes MicroStrategy, Michael Saylor’s enterprise software company that is known for its aggressive Bitcoin accumulation.

MicroStrategy has been buying bitcoin since 2020 in an effort to move away from fiat cash reserves, and is currently positioned as the largest corporate whale with a stash of over 210,000 BTC. Others have followed the same steps, as is the case with the healthcare company, Semler Scientific, which recently purchased Bitcoin.

Metaplanet stands out as the  first Tokyo Stock Exchange-listed company to invest in  Bitcoin. Shares rose 1% following today’s announcement.