Japanese investment firm Metaplanet has expanded its cryptocurrency assets by acquiring 518 BTC for approximately $61.4 million. This transaction raises the company's total BTC holdings to 18,113.
Details of the New Transaction
CEO Simon Gerovich announced the purchase in an X post on August 12, revealing the coins were bought at an average price of $118,519 each. The current total reserves amount to 18,113 BTC, acquired for $1.85 billion at an average price of $101,911.
Market Reaction
According to Google Finance, the Japanese Bitcoin Treasury's stock has dipped by 2.1%. Despite a 37% drop over the past month, it remains up 173% year-to-date.
Metaplanet's Funding Strategies
To fund its aggressive acquisitions, Metaplanet employs unconventional financing tools, including zero-interest convertible bonds and perpetual preferred stock issuances. The company also filed for a shelf registration to raise up to $3.74 billion via perpetual preferred shares.
Metaplanet's expansion of assets continues to draw attention in the cryptocurrency space, as the company aims to achieve its target of accumulating 210,000 BTC by 2027 under its strategic plan.
