Japanese company Metaplanet buys Bitcoin for USD $1.5 million – DiarioBitcoin
By Hannah Perez
It is Metaplanet’s third Bitcoin purchase, bringing its holdings to 141 bitcoins. The company’s shares rose 10% following the news.
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- Company listed on the Japanese stock exchange adds Bitcoin to its reserves
- Metaplanet bought more Bitcoin for USD $1.5 million, accumulates 141 BTC
- Announced in April a strategy to make Bitcoin its main reserve asset
- The company has made one BTC purchase per month in the last three months
Metaplaneta Japan-based investment company, is increasing its bet on Bitcoin.
In a statement this Tuesday, Metaplanet announced the purchase of Bitcoin (BTC) worth 250 million yen ($1.58 million), marking its third cryptocurrency acquisition this year.
The company had already announced at the beginning of April a first investment in Bitcoin as part of a new strategy to adopt the world’s largest and oldest cryptocurrency as a main component of its treasury assets. At the time, the firm said it would buy 1 billion yen in Bitcoin and that it would seek to raise another 935 million yen to continue acquiring funds in the digital currency, with the aim of reducing its exposure to the yen.
He cited economic adversity in Japan, namely high levels of public debt, prolonged periods of negative real interest rates and, consequently, the weakness of the yen, and defended the profitability of Bitcoin as a long-term investment.
“Although Bitcoin is known for its volatility, it has proven to appreciate in value over the long term, making it suitable as a long-term investment.“the company wrote in April.
Metaplanet he added again bitcoins to its treasury in May for 200 million yen or about US$1.27 million, in line with previously announced plans, an announcement said. This translates to one purchase per month for the last three months.
The company’s most recent purchase raised holdings to 141.07 BTC worth USD $9.4 million. The institution revealed an average expenditure of JPY ¥ 10,278,391 (USD $65,435) per Bitcoin on average.
“In response to the pandemic-induced investment landscape, Metaplanet comprehensively restructured its myriad assets and businesses, paving the way for a strategic pivot toward a Bitcoin-centric vision.“, reads on its website.
In addition to the plan to add bitcoins to his treasury, Metaplanet It has also expanded its line of business into Bitcoin, offering specialized consulting services to help companies adopt the digital currency. “Metaplanet enables organizations to adopt Bitcoin as a fundamental pillar that supports their future“he adds.
The strategy makes it the first company to be listed on the Tokyo Stock Exchange that invests in Bitcoin and in the last within a global trend of institutions that turn to cryptocurrency as an alternative asset for their treasury.
Recently, the health industry company, Semler Scientificbased in the United States, announced a similar strategy. Semler has already made two purchases of Bitcoin for a total of USD $57 million, accumulating 828 BTC in its treasury.
According to BitcoinTreasuriespublic companies around the world hold a total of 308,688 BTC, led by Microstrategythe firm led by Michael Saylor, which owns 214,400 BTC.
The actions of Metaplanet The stock market rose 10% after the news.
Article by Hannah Estefanía Pérez / DailyBitcoin
Picture of Unsplash
WARNING: This is an informative article. DiarioBitcoin is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in some countries. They may not be suitable for retail investors as the entire amount invested could be lost. Check the laws of your country before investing.
