The Japanese investment firm Metaplanet has announced an increase in its Bitcoin holdings to 3,350 BTC after purchasing an additional 150 BTC for $12.6 million.
Metaplanet's Recent Purchases
According to a statement on March 24, Metaplanet purchased Bitcoin at an average price of $83,801 each, raising the total acquisition cost to $278.8 million with an average purchase price of $83,224 per BTC. The firm financed its purchases through stock acquisition rights via EVO FUND and zero-interest bonds. In March, it redeemed ¥2 billion in bonds and issued another ¥2 billion to finance recent purchases.
Market Reaction
Google Finance data shows Metaplanet's stock trading at ¥5,060, marking a 6.98% increase over the past 24 hours. The firm has also become Asia's largest publicly listed Bitcoin holder and is ranked among the top 10 holders worldwide.
Context and Regulations in Japan
Metaplanet's growth coincides with Japan's shifting stance on crypto regulation. The Liberal Democratic Party proposed reducing crypto capital gains taxes from 55% to 20%. The plan also suggests classifying crypto as its own asset class.
Metaplanet's increase in Bitcoin holdings reflects their confidence in the future of cryptocurrencies and underscores Japan's changing attitude toward this sector.
