Metaplanet expands Bitcoin holdings to 360 BTC with ¥500 million purchase

Metaplanet Inc., a Tokyo-listed investment firm, has announced the completion of its ¥1 billion Bitcoin acquisition plan, marking an expansion of its cryptocurrency holdings. On Tuesday, the company purchased an additional 57.273 Bitcoin, valued at approximately ¥500 million (€3 million), bringing its total Bitcoin reserves to 360.368 BTC. 

“We hereby announce that we have purchased additional ¥500 million (€3 million) worth of Bitcoins. With this purchase, we have completed the purchase of ¥1 billion worth (€6.1 million) of Bitcoins,” Metaplanet said in a statement. 

Strategic move in response to Japan’s economic pressures

This latest purchase follows a strategic shift announced by Metaplanet in May, when the company adopted Bitcoin as its primary treasury reserve asset. The decision to focus on Bitcoin was driven by sustained economic challenges in Japan, including high government debt, prolonged periods of negative real interest rates, and a weakening yen. The firm initially secured a ¥1 billion loan from MMXX Ventures to fund its Bitcoin acquisitions. 

Impact on Stock Performance

The news of the completed acquisition has positively impacted Metaplanet’s stock performance. Shares of the company surged by 14 percent, reaching a high of ¥1,293 (€7.93) during Tuesday’s morning session.  

Broader business strategy

Originally focused on hotel development and operations, Metaplanet has diversified its portfolio to include consulting services in Bitcoin adoption, real estate development, and various investments. The company’s pivot to Bitcoin has been described as a transformative move. CEO Simon Gerovich noted that the firm, previously exhibiting traits of a “zombie company,” has seen a revitalised outlook thanks to its strategic embrace of Bitcoin as a key monetary asset. 

Comparison with other corporate bitcoin holders

While Metaplanet’s Bitcoin holdings have grown significantly, the company still trails behind major corporate Bitcoin holders like MicroStrategy, which owns 226,500 BTC, and Marathon Digital, which holds 25,000 BTC. However, Metaplanet’s focused approach reflects a broader trend of corporate adoption of Bitcoin as a hedge against economic instability.