Metaplanet pushes Bitcoin holdings past 500 BTC with latest buy

Japan’s Metaplanet, a budget hotel operator turned investment firm, has added $6.94 million worth of Bitcoin to its growing holdings.

According to an announcement made on October 1, Metaplanet made one of its largest single purchases by purchasing an additional 107,913 Bitcoin (BTC) for a total investment of ¥1 billion ($6.94 million). This brings the company’s Bitcoin holdings to 506,745, and the stash is now worth $32.45 million.

Since announcing its acceptance of Bitcoin as a reserve asset, Metplanet has invested 4.75 billion yen, buying BTC at an average price of ¥9,373,557 (about $65,000) per coin.

The Tokyo-based company’s decision to increase its Bitcoin reserves is part of a larger strategy to hedge against Japan’s economic challenges, including a depreciation in the yen.

Since May 2024, Metaplanet continues to diversify its holdings towards Bitcoin, following in the footsteps of US firm MicroStrategy, which has adopted similar strategies. As a result, market advocates have dubbed it “Asia’s MicroStrategy”.

The latest transaction raised 38.4 BTC, following a $2 million investment in the flagship cryptocurrency last month. In August, the company took out a ¥1 billion loan from one of its shareholders, MMXX Ventures, and then purchased 57,103 BTC for ¥500 million.

At the same time, Metaplanet also announced plans to raise $70 million through stock rights offerings and pledged to allocate more than 80% of that amount to its Bitcoin strategy.

Strengthening its commitment, Metaplanet has partnered with SBI VC Trade, a subsidiary of Japan’s financial giant SBI Group. This collaboration will help Metaplanet ensure compliance and increase tax efficiency, while also providing institutional custody services and financing options using Bitcoin as collateral.

Japan’s appetite for crypto is growing

Metaplanet’s Bitcoin strategy is in line with growing interest from Japanese investment managers, who have shown interest in exploring crypto investments, according to a June survey.

Meanwhile, regulators in Japan are considering easing crypto regulations to encourage more investment in the sector. As reported by crypto.news, Japan’s Financial Services Agency is preparing to review its current rules, which could reduce taxes and allow domestic funds to invest in cryptocurrencies.

Earlier this year, the Ministry of Economy, Trade and Industry gave the green light to local investment limited partnership companies to invest in cryptocurrencies as part of former Prime Minister Fumio Kishida’s “new capitalism” policy.