The post Metaplanet Races to Become Asia’s Largest Bitcoin Holder With Latest 108 BTC Acquisition appeared on BitcoinEthereumNews.com.

Metaplanet accelerates its Bitcoin accumulation in October, acquiring over 215 BTC as part of its Bitcoin-first strategy. Metaplanet, a Tokyo-listed investment firm known as “Asia’s MicroStrategy,” has significantly ramped up its Bitcoin purchases so far in October. The firm acquired over 215 BTC this month, raising its total holdings to 639.5 BTC, valued at approximately $40.5 million. On October 1, the firm acquired 107.91 BTC and followed with another purchase of 108.78 BTC, at an average price of $61,904 per Bitcoin, according to a statement on October 7. This aggressive accumulation is part of Metaplanet’s Bitcoin-first, Bitcoin-only treasury strategy, which aligns with its long-term vision of positioning itself as a leading player in the cryptocurrency market, following the path of MicroStrategy, the largest corporate holder of Bitcoin globally. Metaplanet’s bold shift towards Bitcoin began on May 13, 2024 when it announced plans to adopt Bitcoin as its primary treasury asset. This decision came as a response to Japan’s ongoing economic struggles, characterized by a weakening yen, high government debt, and low interest rates.  Metaplanet CEO Simon Gerovich stated that the firm believes Bitcoin offers a hedge against the yen’s depreciation, which hit its lowest level in 34 years. “Why hold JPY when it does nothing except depreciate? #Bitcoin solves this,” Gerovich said on the X platform, underscoring the rationale behind the shift to cryptocurrency​. Metaplanet Fuels Bitcoin Accumulation with Strategic Financing To finance its aggressive Bitcoin acquisitions, Metaplanet secured a ¥1 billion ($6.8 million) loan from MMXX Ventures at a 0.1% APR with a six-month term, according to an August 08 official statement. The firm also announced plans to raise ¥10 billion ($68 million) through the Gratis Allotment of Stock Acquisition Rights.  According to Dylan LeClair, Metaplanet’s director of Bitcoin strategy, ¥7.5 billion ($50.4 million) of the raised funds will…

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Filed under: News - @ October 14, 2024 8:27 am