Tokyo-listed investment firm Metaplanet has continued its aggressive Bitcoin accumulation strategy, purchasing ¥300 million ($2 million) worth of Bitcoin, according to a Sept. 10 filing.
Metaplanet's Recent Purchase
Tokyo-listed investment firm Metaplanet acquired more than 38.4 BTC, bringing its total Bitcoin holdings to over 398.8 BTC, valued at approximately $22.7 million at current market prices.
Reasons for Bitcoin Investments
Metaplanet adopted Bitcoin as a reserve asset earlier this year and has ramped up its crypto investments amid Japan's economic struggles and the depreciation of the yen. The Bank of Japan's recent benchmark interest rate increase to 0.25% has spurred Metaplanet's decision to further diversify its reserves into Bitcoin, often compared to U.S.-based MicroStrategy's Bitcoin investments.
Partnership with SBI VC Trade
Just a week ago, Metaplanet announced a partnership with SBI VC Trade, a subsidiary of Japan's financial giant SBI Group, to access corporate custody services and financing options using Bitcoin as collateral. This collaboration aims to enhance compliance and tax efficiency for the firm's growing crypto portfolio.
In conclusion, Metaplanet continues its aggressive Bitcoin accumulation strategy, bolstering its position amid Japan's economic instability.
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