Metaplanet makes another Bitcoin (BTC) acquisition worth $6.9 billion

Japanese investment firm Metaplanet Inc. has announced the acquisition of an additional 107,913 BTC worth approximately 1 billion yen ($6.9 million).

This brings the company’s total Bitcoin holdings to 506,745 BTC, valued at approximately $32.2 million at current market prices.

Metaplanet stock increases by 2%

The Tokyo-listed firm revealed that the latest purchase was made at an average price of ¥9.26 million, worth $64,168 per BTC. With this acquisition, Metaplanet’s cumulative investment in Bitcoin now stands at 4.75 billion yen ($31.9 million), with an average cost of 9.37 million yen ($64,931) per BTC.

Following this announcement, Google Finance data shows that the company’s share price rose 2.12%, trading at 1,012 yen on the Tokyo Stock Exchange.

Metaplanet began its Bitcoin buying strategy in May when it decided to adopt the cryptocurrency as a key part of its cash reserve. Since then, the company has increased its holdings in several large acquisitions, including 38.46 BTC in September, 42.4 BTC in July, 19.87 BTC in May, and 97.85 BTC in April.

It also secured a $6.8 million loan earlier this year to support its buyout strategy, which was used to increase its cryptocurrency reserves.

This decision to invest heavily in the asset is a response to continued economic instability following the COVID-19 pandemic. Metaplanet has steadily increased its exposure to Bitcoin in response to concerns about inflation and devaluation of the currency, viewing the digital asset as a potential hedge against these risks.

Collaborations and future plans

Metaplanet’s investment strategy has been compared to that of US-based MicroStrategy, run by Michael Saylor. MicroStrategy has the most Bitcoin among publicly traded companies, with 252,220 BTC, according to data from BitcoinTreasures. Marathon Digital is the second largest corporate holder, with 26,200 BTC.

In September, the Japanese investment firm announced a partnership with the crypto division of SBI Holdings to improve its Bitcoin trading, storage and management infrastructure. It also revealed plans to exercise its 11th series of stock purchase rights, raising 299.7 million yen to buy more cryptocurrency.

It is also reported to be exploring tokenization of its shares on Bitcoin’s Layer 2 network, Liquid. The company’s shares are currently traded on the Tokyo Stock Exchange, which restricts access to US investors.

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