Metaplanet, a Japanese investment firm, continues its bitcoin accumulation strategy by purchasing another 775 BTC for about $93 million. This development comes amid some fluctuations in the bitcoin market.
Purchase of Additional Bitcoins
President Simon Gerovich announced on X that Metaplanet purchased 775 BTC at an average price of $120,006 each. This purchase brings the total bitcoin holdings to 18,888 BTC, acquired for $1.94 billion at an average cost of $102,653 per bitcoin. '18,888 BTC. Onward and upward,' Gerovich wrote.
Company's Financial Results
Last week, Metaplanet reported its second-quarter results. Total revenue reached ¥1.2 billion (approximately $8.4 million), up 41% quarter-on-quarter. Net income swung to ¥11.1 billion ($75.1 million), from a loss of ¥5 billion ($34.2 million) in the first quarter.
New Initiatives by Metaplanet
In its Q2 earnings presentation, Metaplanet also unveiled its 'Metaplanet Prefs' plan, aiming to build a BTC-backed yield curve in Japan. The company seeks to set a new standard in the Japanese fixed income market by introducing bitcoin-secured credit. Metaplanet recently filed a ¥555 billion shelf registration for two series of perpetual preferred shares, each yielding 6%.
Metaplanet continues to actively accumulate bitcoins while demonstrating solid financial results and introducing new initiatives, indicating the company's ambitious plans in the cryptocurrency market.
