Japanese investment firm Metaplanet has increased its Bitcoin holdings to nearly 400 BTC, leading to a 5.9% rise in its share price.
Latest Bitcoin Purchase
On September 10, the company announced that it purchased 38.46 Bitcoins for $2.1 million. This marks Metaplanet's tenth Bitcoin acquisition since its initial investment on April 23.
Company Financials
Despite being down 13.3% on total Bitcoin investments due to the current market price, Metaplanet shares have surged 480% since unveiling its Bitcoin investment strategy in April. Previous reports indicate significant appreciation in share prices following the Bitcoin strategy announcement.
Metaplanet Investment Strategy
Metaplanet employs a strategy similar to MicroStrategy for augmenting its Bitcoin reserves. For example, in August, the firm secured a $6.8 million loan to purchase more BTC. CEO Simon Gerovich noted at a July conference that their strategy aims to hedge against Japan's rising debt burden and rapidly depreciating yen.
Metaplanet continues its aggressive investment in Bitcoin, aiming to protect its assets from economic risks associated with government policies and currency fluctuations.
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