Metaplanet shares rise 6% after another Bitcoin (BTC) acquisition.

Japanese investment firm Metaplanet Inc. announced today that it has purchased an additional 38,464 BTC, worth approximately ¥300 million ($2 million).

The Tokyo-listed company revealed that this purchase brings its total Bitcoin reserves to 398,832 BTC, worth about 3.75 billion yen ($26 million).

Metaplanet shares rise 5.87%

After the announcement, the company’s shares rose 5.87% on Tuesday to trade at 1,101 yen after hitting a high of 1,185 yen earlier in the session, according to data from Google Finance.

Metaplanet has made several purchases of Bitcoin over the past few months. The company initially announced its adoption of the digital asset as a strategic treasury reserve asset in May, citing the move as a hedge against economic pressures from Japan.

*Additional Metaplanet purchases 38.46 $BTC* pic.twitter.com/vdnRt8O07c

— Metaplanet Inc. (@Metaplanet_JP) September 10, 2024

“The move is a direct response to sustained economic pressures in Japan, in particular high levels of public debt, prolonged periods of negative real interest rates and the resulting weak yen.”

The investment strategy has been compared to that of US-based software firm MicroStrategy, led by Michael Saylor, which is currently the largest corporate holder of Bitcoin with more than 226,500 BTC, according to data from BitcoinTreasures .

Dubbed the “MicroStrategy of Asia,” the company often adopts strategies similar to those of the American business intelligence firm, financing its Bitcoin purchases by selling bonds.

This recent purchase of 38,464 BTC follows previous purchases including 42.4 BTC in July, 19.87 BTC in May and 97.85 BTC in April. The company also secured a $6.8 million loan earlier this year to further increase its Bitcoin holdings.

Collaboration with SBI VC Trade

In a related development, the investment firm recently announced a partnership with SBI VC Trade, the cryptocurrency division of Japanese financial giant SBI Group.

The partnership gives Metaplanet access to a compliant corporate custody service designed to optimize tax efficiency while leveraging Bitcoin as collateral for funding.

SBI will also provide it with trading, storage and operational support, reinforcing the currency’s unique value as a non-political financial asset.

According to a statement from the company, this partnership is part of its broader engagement with major industry players in Japan, all with the aim of supporting its ongoing corporate Bitcoin accumulation strategy.

On Monday, they also disclosed that their management would exercise the 11th series of share purchase rights, raising an additional ¥299.7 million. The company stated that the funds would be used to buy even more Bitcoin.

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