The post Metaplanet Doubles Down on Bitcoin, Purchases Another ¥1 billion BTC appeared on BitcoinEthereumNews.com.

Metaplanet, the Tokyo-listed investment firm recognized for its Bitcoin adoption, has added 108.999 Bitcoin, valued at ¥1 billion, to its holdings, the company announced Friday (Asian time). The company’s Bitcoin bet hits $45 million following its new Bitcoin purchase. Along with some other majors, Metaplanet is stacking some serious BTC. The latest purchase boosts Metaplanet’s Bitcoin stash to 748.502, worth around $45 million based on current prices. The average price for all Bitcoin owned by Metaplanet is ¥9,304,655 (around $62,500) per Bitcoin. Stacking! The acquisition came shortly after the company said it bought ¥1 billion worth of Bitcoin on Monday, amid a backdrop of rising geopolitical tensions which some experts believe bolster Bitcoin’s appeal as a global currency. Metaplanet, often labeled as Asia’s MicroStrategy, has actively bought Bitcoin since it revealed its plan to adopt the cryptocurrency as a key part of its treasury reserve earlier this year. The company said it has followed MicroStrategy’s Bitcoin playbook, using Bitcoin as a hedge against the national currency’s volatility. The Japanese economy has faced ongoing challenges since late 2021. By the first half of 2024, Japan’s yen depreciated against the dollar by about 50%. The Japanese yen’s weakness is mainly due to the interest rate differential between Japan and the U.S. Japan’s ultra-loose monetary policy, intended to stimulate the economy, contrasts sharply with the Federal Reserve’s more hawkish stance. The yen’s excessive depreciation was among the reasons that pushed Metaplanet to implement its Bitcoin strategy. At this point, plans appear to pay off as Metaplanet’s shares have skyrocketed over 400% following several BTC purchases. Bitcoin has played a key role in helping Metaplanet escape its “zombie company” status. Prior to adopting a Bitcoin-centric strategy, the firm was described as a zombie company, struggling with financial viability and facing challenges due to Japan’s…

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Filed under: News - @ October 12, 2024 8:27 am