Asia’s MicroStrategy’s Metaplanet bought another ¥200 million worth of Bitcoin

Key receivers

Metaplanet's latest Bitcoin purchase increased its total holdings to 161.27 BTC. The company accepts Bitcoin as a reserve asset in response to Japan's economic situation.

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Metaplanet, a company listed on the Tokyo Stock Exchange and often traded publicly compared to MicroStrategy, has acquired an additional 20.2 Bitcoin (BTC), worth approximately 200 million Japanese yen (approximately $1.2 million), the company shared in a post on Monday.

*Metaplanet buys an additional 20.20$BTC* pic.twitter.com/4tCRWAc2an

– Metaplanet Inc. (@Metaplanet_JP) July 1, 2024

The latest move marks the company's fourth bitcoin purchase in the past four months, bringing its total holdings to 161.27 BTC, worth ¥1.6 billion (more than $10 million). According to Metaplanet, the average purchase price per bitcoin has reached $63,500.

The company previously made acquisitions on April 23, May 10 and June 10. Metaplanet shares rose 10 percent following the third acquisition.

Metaplanet, which specializes in hotel development and real estate, has turned its attention to investing in bitcoin, using it as a hedge against Japan's economic challenges.

The company's move mirrors strategies employed by other major firms, such as MicroStrategy, as bitcoin struggles against a weakened yen and economic uncertainty.

In the year As of July 1, global public companies hold a collective 321,223 BTC, led by MicroStrategy, which owns 226,331 BTC, more than half of the market cap, according to BitcoinTreasuries.net.

Japanese businesses are entering the crypto market. A survey by brokerage Nomura found that up to 54% of fund managers in Japan plan to invest in the next three years.

As reported today by Crypto Briefing, Sony Global has acquired Amber Japan and is preparing to launch a crypto exchange.

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