Japanese investment firm Metaplanet Inc. announced today that it has purchased an additional 38.464 BTC, worth approximately 300 million yen ($2 million).
Metaplanet Accumulates Bitcoin
The Tokyo-listed company disclosed that this purchase brings its total Bitcoin reserves to 398.832 BTC, worth around 3.75 billion yen ($26 million).
Company Shares Rise
Following the announcement, the company’s stock rose 5.87% on Tuesday, trading at 1,101 yen after hitting a high of 1,185 yen earlier in the session, according to data from Google Finance. Metaplanet has made several Bitcoin purchases over the past few months. The firm initially announced its digital asset strategy in May, citing it as a hedge against economic pressures in Japan.
Partnership with SBI VC Trade
The investment firm recently announced a partnership with SBI VC Trade, the cryptocurrency division of the Japanese financial giant SBI Group. The collaboration grants Metaplanet access to a compliant corporate custody service, optimizing tax efficiency while leveraging Bitcoin as collateral for financing. SBI will also provide trading, storage, and operational support.
Metaplanet’s investment strategy has been compared to that of U.S.-based software company MicroStrategy, the largest corporate Bitcoin holder. This latest purchase of 38.464 BTC follows earlier acquisitions and a $6.8 million loan secured to boost its Bitcoin holdings.
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